According to Iran Expo, Digital Rial or Iran's national digital currency is an initiative by the Central Bank of the Islamic Republic of Iran, which was presented in order to digitize the country's national currency and create transformation in the country's financial system. This action has been adopted following the global trend of using digital currencies and the need to increase transparency and efficiency in financial systems.
The advantages of digital Rial include reducing costs and increasing the speed of transactions, greater transparency in transactions, financial expansion and greater accessibility.
The use of digital Rial can reduce the costs related to printing, storage and transfer of physical money. Also, the speed of transactions increases significantly due to the digital nature of this currency.
Digital Rial can create more transparency in transactions by using block chain technology. This transparency can help reduce corruption and money laundering.
With the digitalization of Rial, the possibility of accessing financial services increases for people who do not have access to banks and traditional financial systems. This can help expand financial inclusion.
In addition to benefits, this currency can cause security concerns, privacy problems and other challenges for people.
Although block chain technology is highly secure, there are always concerns about cyber-attacks and possible abuses. These concerns can prevent the widespread adoption of the digital Rial.
Increasing transparency in transactions can mean reducing users' privacy. There are concerns about transaction tracking and excessive monitoring of people's financial activities.
The change to the use of digital Rial may face resistance from people and businesses. Many people are used to physical money and may be reluctant to switch to digital currency.
Ultimately, the success of the digital Rial depends on several factors, including how it is implemented, the level of public acceptance, and the central bank's ability to manage and monitor this new currency. The advantages and disadvantages of digital Rial must be carefully evaluated so that this new technology can be used in the best way.
Zahra Malmir - Iran Expo