The Central Bank of Iran (CBI) says it is planning to introduce a digital currency (CBDC) to facilitate purchases for the clients of the banking network in the country.

According to The Iran Project, pilot version of its digital currency is ready to be rolled out on the island of Kish, southern Iran, after several years of work and studies on the program.

The CBI hopes the pilot platform could enable the bank to finally launch a digital form of Iran’s national currency the rial.

Iran's Mellat and Tejarat banks will contribute to the pilot project in Kish, which is to be launched in July.