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PILOT Price:
$157.6 K
All Time High:
Market Cap:
$21.0 M

Circulating Supply:
Total Supply:
Max Supply:


The price of #PILOT today is $1.50 USD.

The lowest PILOT price for this period was $0, the highest was $1.50, and the exact current price of one PILOT crypto coin is $1.50460.

The all-time high PILOT coin price was $79.87.

Use our custom price calculator to see the hypothetical price of PILOT with market cap of SOL or other crypto coins.


The code for Unipilot crypto currency is #PILOT.

Unipilot is 1.5 years old.


The current market capitalization for Unipilot is $21,011,514.

Unipilot is ranking downwards to #1072, by market cap (and other factors).


There is a medium daily trading volume on #PILOT.

Today's 24-hour trading volume across all exchanges for Unipilot is $157,608.


The circulating supply of PILOT is 13,964,866 coins, which is 70% of the total coin supply.

A highlight of Unipilot is it's limited supply of coins, as this tends to support higher prices due to supply and demand in the market.


PILOT is a token on the Ethereum blockchain.


PILOT has limited pairings with other cryptocurrencies, but has at least 2 pairings and is listed on at least 2 crypto exchanges.

View #PILOT trading pairs and crypto exchanges that currently support #PILOT purchase.



Unipilot January 2023 recap

After a quiet December for the crypto markets, volumes and prices picked up in January, and so did Unipilot TVL As you can see from the graphic below, Unipilot TVL grew +44% in January, with the vast majority of it ($1.33m) residing on our Polygon dApp. This bodes well for potential future growth after we expand to Layer-2 networks which have similarly-high volume-to-TVL ratios and low gas fees. This growth in TVL directly benefits our community, as PILOT staking rewards increased +50% this month and APR currently stands at a respectable 7% (paid in ultrasound ETH, not PILOT inflation). Wen Dev Do Something? The core devs at Unipilot have been busy as ever this month, working alongside our auditing partner BlockApex to finalize work on a new smart strategy tool which will backtest more data to improve liquidity provision through Unipilot. We expect to launch with this new strategy on Arbitrum during February. Concurrently, another group within the Unipilot dev team is working on integrating Quickswap, a Polygon DEX which has current TVL of $172m, above Uniswap v3’s $107m. This work is also anticipated to finalize during February, likely allowing us to expand to Quickswap in March. We are in discussion with Quickswap regarding cross marketing and potential for Unipilot to be integrated into their dApp to allow their users to provide concentrated liquidity in a click. Additionally, following our expansion to Arbitrum we wil...

Unipilot: An In-flight update

Does Unipilot outperform HODLing and impermanent loss? A common concern that users raise about liquidity provision — either directly on a DEX or via a liquidity manager such as Unipilot — is the potential for impermanent loss. To demonstrate the effectiveness of Unipilot, which keeps your liquidity in an optimal range based on backtesting of multiple variables, we launched an ongoing study to look at the profitability of our newest type of vaults — narrow and wide — on our Polygon dApp. We added ~$100 to each vault and as 30 days have now passed, it’s time have the first look at how they have performed. You can see that both the narrow and wide positions have outperformed HODLing the assets due to earned liquidity fees surpassing any impermanent loss. Note that the value of the position has fallen since the liquidity was added due to the decline in the price of ETH over the period. Liquidity provision should be considered a long-term strategy, as over time the position gradually earns more fees to offset any negative impact of sporadic rebalances, yet it is of note that even over a relatively short period, Unipilot has outperformed hodling. Whether you choose a narrow or a wide vault will depend on your preferences and expectations for market volatility. If the assets were to trade within a reasonably tight range, then during this period a narrow range would prove to be more profitable. Conversely, d...

Unipilot December 2022 Recap

The number of active positions on Unipilot increased a further +9% in December! December proved to be a quiet month for the crypto markets in terms of trading volumes, with prices of many major tokens also falling slightly. This led to a slight decline in TVL and a drop in fees earned by our users in December compared to November. However, perhaps a better metric for us to look at is the number of active positions on Unipilot, as this removes the impact of short-term market conditions and focuses on Unipilot’s user base. Following the +717% growth in November, the number of active positions grew a further +9% to 669 in December. Most of the positions (580) are on our Polygon dApp, which bodes well for potential future growth after we expand to Layer-2 networks (Arbitrum, Optimism) which have similarly-high volume-to-TVL ratios and low gas fees. We aim for Unipilot TVL to rise to $10m to $20m by mid-2023, driven by continued Polygon growth, our expansion to Layer-2 networks such as Arbitrum and Optimism, the integration of additional DEXs such as Quickswap, by forging more partnerships and by bringing our Concentration Preference feature to the Ethereum dApp. Also, keep an eye out for the launch of our ConcenTrade feature! Thanks for joining us on this journey, let’s make 2023 the year of the PILOT! Quick Links Website / dApp / Twitter / Telegr

Unipilot Ambassador Program

Let’s bring the community together in a shared initiative to spread the word about Unipilot. Oh, and $PILOT is up for grabs! Background In recent weeks, Unipilot gained significant momentum, with TVL rising +240% and the number of active users increasing +700% in November. This was driven by our expansion to the Polygon network, but was aided in no small part by the coverage we received on Twitter from community members such as Kaduna and Alpha Seeker. Coverage such as this is typically far more successful than paid marketing options because: people are far more receptive to learning about new projects when it comes from their frens and trusted influencers (as opposed to paid influencers who will cover *any* project!), its free (bar any prizes): we dont need to sell PILOT tokens and dilute *your* holdings to pay for it!, it’s delivered with authenticity and passion! You’re the Unipilot community, and you’re our best ambassadors!, Introducing Unipilot’s Ambassador Program For the reasons listed above, its time to launch the Unipilot Ambassador Program. While the devs are busy working on new integrations, let’s bring the community together in a shared initiative to spread the word about the project without resorting to expensive and often ineffective paid marketing. How To Participate It’s simple - create engaging content about Unipilot on social media. For example, it could be: A Twitter thread on Unipilot,...

Unipilot Monthly Recap: Nov 2022

November was a big month for Unipilot. Let’s dive into what happened! First, let’s look at the key stats for our Ethereum dApp since it launched in November 2021. Now let’s see how our Polygon dApp has performed since it launched in mid-October, just six weeks ago. Key Takeaways Due to momentum for our Polygon dApp, Unipilot TVL increased +242% in November, revenue rose +265% and the number of active positions surged +717% to over 600., Total Fees Earned on our Polygon dApp after six weeks approached $62,000, nearly one-third of lifetime fees earned on the Ethereum dApp., This was likely driven by our new Concentration Preferences feature combined with the low gas fees and high volume-to-TVL ratio on Polygon., Let’s see how Unipilot performed overall (Ethereum + Polygon) in November compared to October. We aim for Unipilot TVL to rise from the current $2.18m to at least $20m (growing more than fourfold) by mid-2023, driven by continued Polygon growth, our expansion to Layer-2 networks such as Arbitrum and Optimism, the integration of additional DEXs such as Quickswap, by forging more partnerships and by bringing our Concentration Preference feature to the Ethereum dApp. Thanks for joining us on this journey, let’s make 2023 the year of the PILOT! Quick Links Website / dApp / Twitter / Telegr

Unipilot Tokenomics 101

With our launch on Polygon, we had an influx of new users joining the Unipilot community. As one of the most common questions we’ve received from these new users relates to tokenomics, we decided to put together an article with all the key info. Here it is! The Numbers We launched the PILOT token on Uniswap in July 2021, with a total supply of 20m tokens, and ~7.5% of supply in circulation. The rest is locked in vesting contracts., In October 2021 we launched the PILOT burn program. With this, we started to burn PILOT tokens each quarter as they are unlocked from the vesting contract. This scheme is designed to benefit our community of token holders., At time of writing, we have burned nearly half of the total supply, which now stands at 10.6m. Meanwhile, the circulating supply is 1.19m. Check our Coingecko page for the latest stats., Overall, the scheme will lead to 78% of the total supply being burned, leaving only 4.4m tokens. These 4.4m tokens will not necessarily ever enter circulating supply as we are keen to limit inflation., Utility In June 2022 we launched staking. This allows holders to stake the PILOT token on the Unipilot dApp to earn a share of protocol revenue, paid in ETH., Note that these rewards are not inflationary. The Unipilot protocol takes a cut of all fees earned on the protocol, with 40% of this revenue being paid to PILOT stakers. The other 60% is used to cover protocol expenses, helping us to l...

Unipilot x Metavault.Trade

It’s time for Unipilot’s first partnership on Polygon! It’s true that we often talk about the benefit to users of Unipilot. Less often do we mention the benefit to projects. Therefore, Unipilot is pleased to announce a partnership with Metavault.Trade, which will use Unipilot’s liquidity management service to improve the capital efficiency of its MVX liquidity on Uniswap v3 (Polygon). By using Unipilot to keep MVX liquidity in an optimal range around the current trading price at all times, Metavault will increase the capital efficiency of the MVX token, enabling lower-slippage trading. If it so wishes, it will also be possible for Metavault to reduce its overall dollar amount of liquidity on Uniswap v3 without reducing capital efficiency. This freed up capital can then be used more productively elsewhere. Meanwhile, users who decide to provide MVX liquidity themselves through Unipilot can benefit from reduced gas costs, higher returns and a better user experience on our dApp. No more guessing the optimal range and no more paying gas fees to rebalance your position! As you can see from the image below, MVX liquidity on Uniswap v3 was previously spread over a very wide range, from $0.65 to $29 per token. This allowed the Metavault team to provide liquidity without worrying about the liquidity going out of range, which would leave no liquidity for traders. However, it also means low capital efficiency and high-slippage t...

Unipilot Feature Focus: Concentration Preferences

With the expansion of Unipilot to Polygon, we introduced a handful of new features. One of these, concentration preferences, is designed to cater to a wider audience and provide more choices to our users. With this feature, you can select the preferred degree of concentration for your liquidity from the following options: Narrow: Earn high liquidity fees with the potential for more impermanent loss., Balanced: A good balance between earning high liquidity fees and minimizing impermanent loss., Wide: Moderate fees but less impermanent loss., As you can see from the screenshot above, the Narrow USDC/WETH vault has a 7D APR of 480%, as liquidity is tightly concentrated around the current trading price. When liquidity is concentrated like this, a higher portion of trades are being routed through your position, so you earn more liquidity provider fees. With wider ranges, less of your liquidity is being utilized by the market during trading, so returns are lower. Something to consider with highly concentrated positions is the potential for greater impermanent loss, as the position is being swapped between the two assets (in this case, WETH and USDC) more frequently than in a wider position. During periods of extreme price volatility, this impermanent loss will be more pronounced. We also offer Balanced and Wide vaults, which offer a 7D APR of 175% and 104%, respectively at the time of writing. Which vault you choose will depend o...

Fasten your seatbelts, we’re heading to Polygon!

We have a date. Very soon you’ll be able to optimize your Polygon liquidity on Uniswap for higher returns while enjoying low gas costs and faster transactions. We’ve said before that our goal is to expand from Ethereum to provide liquidity management services wherever concentrated liquidity is available. And we can now reveal that Unipilot will launch on Polygon on 15th October. As you can see from the infographics belows, our users stand to benefit from the low gas costs and higher volume-to-TVL ratio on Polygon compared to Ethereum.Gas costs on the Polygon network are significantly lower than on EthereumPolygon’s volume-to-TVL ratio on Uniswap v3 is more than 5x higher than Ethereum’s, indicating potential for lucrative returns for liquidity providers Unipilot’s Polygon dApp also introduces: Concentration preferences., This allows you to select the preferred degree of concentration for your liquidity. Narrow: Earn high liquidity fees with potential for more impermanent loss., Balanced: A good balance between earning high liquidity fees and minimizing impermanent loss., Wide: Moderate fees but less impermanent loss., 2. Rebalance Tolerances. Normally, when the price moves out of the range in which liquidity is provided, the liquidity becomes single sided and you need to swap assets to rebalance the position. With our new Tolerance feature, rebalances will be triggered before liquidity is fully single sided in ord...

Unipilot x Neo Tokyo

Are your codes interlinked? 🤘 Unipilot is super excited to announce a partnership with innovative NFT project Neo Tokyo, which will use Unipilot’s liquidity management service to improve the capital efficiency of the $BYTES liquidity on Uniswap v3. As a result, the Neo Tokyo community will enjoy lower-slippage trading of $BYTES, while those providing liquidity of the token through Unipilot can benefit from reduced gas costs and higher returns, as Unipilot will keep the liquidity in an optimal range around the current trading price at all times. No more guessing the optimal range and no more paying gas fees to rebalance your position! As you can see from the image below, $BYTES liquidity on Uniswap v3 is currently spread over a wide and perhaps chaotic range. This is likely due to some LPs not knowing where to set their liquidity and others using Uniswap v3 to place limit orders. Either way, it leads to poor capital efficiency, higher-slippage trading and low returns for LPs.$BYTES liquidity on Uniswap v3 currently spreads over an incredibly wide range, from 9 $BYTES per $ETH to 2,400 $BYTES per $ETH, leading to poor capital efficiency. How to participate To add Unipilot-optimized Uniswap liquidity of the $BYTES token, head to our dApp and select the $BYTES pair. If you already have $BYTES liquidity on Uniswap, you can head to our migrate page to easily move your position to Unipilot. We created a so-called Active vault ...


Bank of Spain Greenlights Euro-Backed Stablecoin Token Pilot Program

    The Bank of Spain has given approval for the launch of a pilot program involving the issuance and usage of euro-pegged stablecoins. The program, which MONEI, a fintech institution, is launching, will allow users to issue digital euros with fiat deposits in order to experiment with these in payment applications, increasing their transparency. Bank of Spain Authorizes Digital Euro Token Tests Europe is becoming a hotspot for stablecoins and CBDC (central bank digital currency) experimentation. On Jan. 19, the Bank of Spain greenlighted a pilot program that involves the issuance of euro-pegged digital tokens. The project, which is being spearheaded by MONEI, a regulated fintech payments company, will allow users to issue their own euro stablecoins for different purposes. Using Ethereum and Polygon blockchain technology, the eurm token will be issued with deposits coming from users, with each token being backed by real euros. The test, inscribed as part of the actions in the financial Sandbox of the bank of Sain, only allows the issuance of ten eurm maximum by each user registered in MONEI's platform. The test encompasses the issuance of up to 570 million eurm because Spain has 57 million phone lines subscribed. These funds will be held in two accounts in two financial institutions, BBVA and Caixabank, managed by MONEI. Digital Euro Use Cases MONEI is profiling its digital euro stablecoin as part of its modernization take on the payments in the Eurozone, increasing the sp... read More

Shanghai Metaverse Pilot Introduces Digital Services in 20 Urban Locatio...

    The city of Shanghai is bringing metaverse activities to 20 urban locations, that will allow citizens to use digital tools in different ways according to the area. The initiative is part of a pilot program of the Shanghai Municipal Commission of Economy and Informatization to push more metaverse applications to the population. Shanghai Takes the Metaverse to 20 Urban Spots Shanghai, China is quickly moving to integrate the metaverse as part of the lives of its citizens. The Shanghai Municipal Commission of Economy and Informatization recently announced a pilot program to turn 20 different urban locations into 'major metaverse application scenarios,' that will feature digital tech in several ways. The implementation of this tech will cover various social fields, including business operations, education, branding, and entertainment. The city hopes this will allow citizens to receive smarter services from city facilities in these areas. For example, in the area of healthcare, Ruijin Hospital will establish a VR (virtual reality) facility to inspect patient rooms via metaverse representations. In the same field, the Shanghai Eye and ENT Hospital set up a metaverse diagnostic system that will allow doctors to tend to patients using 3D scanning equipment. More Highlights One of the biggest attractions that will offer metaverse features is the Oriental Pearl Tower, a landmark with a height of almost half a kilometer. The broadcasting tower, which is a common place for touris... read More

Georgia Prepares to Launch Digital Lari Pilot in First Half of 2023

    The central bank of Georgia intends to publish a document detailing the concept of a national digital currency in the coming months. Other participating parties will use it to finalize their proposals for the pilot which the monetary authority plans to initiate in the first half of the year. Financial Authorities in Georgia Gear Up for Digital Currency Trials The National Bank of Georgia (NBG) is going to release a ‘digital lari’ whitepaper, allowing potential partners to fine-tune their proposals for the test phase of the project. A pilot version of the central bank digital currency (CBDC) was initially expected in 2022 but the NBG postponed the trials for this year. “In the first half of 2023, we will publish the document and soon after that, together with the winning partner, we will discuss how long it would take to implement the project,” Deputy Governor Papuna Lezhava explained in an interview with the Rustavi 2 TV channel. Several alternative approaches to testing the digital incarnation of the Georgian lari have been approved already, the official further revealed. Noting that it remains to be decided whether to continue with the realization of the project, Lezhava said: At the first stage, it will be a rather limited pilot version. On this basis, the technical characteristics of the ‘digital lari’ will be evaluated. “The mandate of the NBG is to ensure financial and price stability. The development of digital technologies ha... read More

Bradesco, One of Brazil's Largest Banks, Launches Tokenized Credit Notes...

    Bradesco, one of the largest banks in Brazil and the third biggest in all of Latam, has entered the cryptocurrency world by issuing its first tokenized credit notes. The operation, carried out in partnership with Bolsa OTC, tokenized almost $2 million in bank credit notes, which were also distributed by Bradesco. Bradesco Launches Asset Tokenization Program Bradesco, one of the biggest banks in Brazil and Latam, has entered the crypto era, being one of the first institutions that harness blockchain tech in its operations in Brazil. The bank announced on Jan. 13, 2023, that it had tokenized the first batch of bank credit notes, valued at almost $2 million, as part of a pilot program to test the functionality of these technologies. The operation, which Bradesco claims is the first one supervised and approved by the central bank of the country, was carried out in partnership with Bolsa OTC and using a regulatory sandbox that allows financial institutions to make this kind of test using new technologies. On the significance of this, Edson Moreto, executive director of Bradesco, stated: We continue to work and test the benefits of blockchain technology using its innovation ecosystem, Inovabra, so that new operations are made available to our customers. The Asset Tokenization Business Asset tokenization, the process of representing real-world assets in blockchains, is considered by some analysts the next step in market tech. The technology might become a trend for nego... read More

Stellar (XLM) Poised To Rally? Ukrainian Bank Reveals Successful E-Money...

    The Stellar (XLM) price remains in a long-term downtrend. After seeing an all-time high of nearly $0.81 on May 10, 2021, XLM's price has fallen massively. Currently, XLM is 90.6% down from its ATH. Since October 2021, Stellar has also been in a descending trend channel. At press time, XLM was trading at $0.0822. Thus, the price is showing initial signs of strength and could make a first attempt to break through the upper line of the trend channel at $0.10. What would probably be needed is a clear move that catapults the XLM price toward the next important resistance level at around $0.13. Should this succeed, the XLM bulls could target the next resistance zone around $0.23. Bullish News Pushing Stellar Out Of The Bearish Trend? A potential catalyst for a breakout out of the bearish trend was provided yesterday by the Stellar Foundation. It shared in a tweet that TASCOMBANK, one of Ukraine's oldest commercial banks, published the results of its e-money pilot project on the Stellar network. Remarkably, TASCOMBANK is one of the leading Ukrainian commercial banks, which is regarded as a system bank. It operates in many areas of banking, including consumer and corporate lending, factoring, e-commerce, and trade finance. The report on the project, which was launched in December 2021, informs the National Bank of Ukraine and the Ministry of Digital Transformation about the benefits of issuing e-money on the Stellar blockchain, highlighting the advantages. Transparency, accountabi... read More

RBI Begins First Retail Digital Rupee Pilot in 13 Indian Cities With 8 B...

    India's central bank, the Reserve Bank of India (RBI), is launching its first retail digital rupee pilot on Dec. 1 with the participation of eight banks. The pilot will start in four cities and then expand to cover nine more cities across India. RBI Picks 8 Banks, 13 Cities to Test Retail Digital Currency The Reserve Bank of India (RBI) announced Tuesday that 'the first pilot for retail digital rupee (e?-R)' will launch on Dec. 1. This announcement followed the RBI's wholesale central bank digital currency (CBDC) pilot which began on Nov. 1. Eight banks will participate in the retail digital currency pilot in two phases. State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank in four cities across India will participate in the first phase. Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank will participate in the second phase. The Indian central bank detailed: The pilot would initially cover four cities, viz., Mumbai, New Delhi, Bengaluru, and Bhubaneswar, and later extend to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla. “The scope of [the] pilot may be expanded gradually to include more banks, users, and locations as needed,” the RBI clarified. About RBI’s Retail Digital Rupee The Indian central bank explained: The e?-R would be in the form of a digital token that represents legal tender. The digital rupee will be issued in the same denominations that paper currency and coins are currently is... read More

Bank of Japan to Launch Digital Yen Pilot Program Next Year

    The Bank of Japan is preparing to run a test trial of its own central bank digital currency (CBDC), the digital yen, with help from three top banks and regional institutions. The pilot program, estimated to last two years, will focus on testing the currency via several transactions, and experimenting with its functionality in environments without internet connections. Bank of Japan to Trial Digital Yen CBDC The Bank of Japan is planning to test the functionality of a version of its CBDC, the digital yen, in partnership with three top banks and several regional institutions, according to Nikkei. The results obtained from the pilot program, reportedly set to run for two years, will be key in the decision of the government to actually develop a digital yen. The pilot program will include different tests for the currency to determine its behavior when doing everyday transactions, such as deposits and withdrawals. Also, the bank will be testing its functionality in emergencies, where internet connections are limited or simply not available. This will be the first CBDC test that the Bank of Japan runs in conjunction with other financial institutions. Since April 2021, the bank has been running a proof-of-concept that tests the feasibility of a digital yen and its core functions and features. The institution announced the second phase of these tests in March 2021. No Decision on Issuance Yet However, tests are still focused on the functionality of the currency, and no decisi... read More

Indian Central Bank RBI Begins First Digital Rupee Pilot Today

    India's central bank, the Reserve Bank of India (RBI), is launching its first digital rupee pilot on Nov. 1. with the participation of nine banks. 'Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,' said the central bank.RBI's First CBDC Pilot Starts Nov. 1 India's central bank, the Reserve Bank of India (RBI), announced Monday that 'The first pilot in the digital rupee — wholesale segment (e?-W) shall commence on November 1, 2022.' The announcement adds: Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC have been identified for participation in the pilot. 'The use case for this pilot is settlement of secondary market transactions in government securities,' the RBI described. 'Use of e?-W is expected to make the inter-bank market more efficient. Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk.' The RBI noted that future pilots will focus on other wholesale transactions and cross-border payments. They will take into account the findings from the first pilot. The central bank further detailed: The first pilot in digital rupee — retail segment (e?-R) is planned for launch within a month in select locations in closed ... read More

Twitter Brings Tweet Tiles Pilot to NFT Marketplaces

    [PRESS RELEASE - Chennai, India, 27th October 2022] Twitter is expanding its trial of Tweet Tiles, previously tested with the New York Times, Wall Street Journal, and The Guardian, to the world of NFTs. A selection of NFT marketplaces has been selected for the experiment, which enables Tweets to feature an interactive, customizable widget. Rarible, Magic Eden, Dapper Labs, and GuardianLink’s marketplaces have been selected for the pilot. As a result, the featured partners will be able to display colorful NFTs directly within Tweets for the first time. The format allows for a larger picture of the NFT to be displayed alongside metadata such as the title and creator. This pilot gives NFT collectors a dynamic new way to share their most cherished digital collectibles. Twitter's expansion of its Tweet Tiles pilot to NFT marketplaces follows its introduction of NFT profile pictures for users who connect their web wallet to verify ownership. Tweet Tiles expand the creative canvas of a Tweet and give developers more options to engage with audiences on Twitter in a visually appealing, interactive, and customizable way. The ability to embed NFTs, complete with pertinent information and a direct marketplace link, will drive sales and support discovery of new and trending collections. For those in the test group, this Tweet Tiles pilot will be visible across iOS and Web for the NFT marketplaces featured. About GuardianLink GuardianLink is a team of blockchain developers... read More

India Police Launch Pilot Polygon-Based Complaint Registration Portal

    An Indian district, Firozabad, about 40 km from Agra of Taj Mahal’s fame in the Indian province of Uttar Pradesh, would start the registration of complaints police complaints on the blockchain network.  The district, with 2.4 million people and 21 police stations, aims to achieve immutability and transparency of complaints lodged by victims of crime by leveraging this emerging technology.    Blockchain-Based Complaint Portal  “Using emerging technologies like Blockchain, a pilot portal,, has been launched which is free of cost, dedicated to the city… The benefit of using Blockchain is that the complaints registered on it can’t be tampered with as data recorded is immutable and transparent,” Ashish Tiwari, Senior Superintendent of Police, Firozbad, said in a tweet. The blockchain-based portal to register complaints by victims of crime has been prepared on the Polygon network and uses OxPolygon modular blockchain solutions. Tiwari, the chief of the Firozabad district police, is an M. Tech in Computer Science from the prestigious Indian Institute of Technology (IIT) Kharagpur.  The blockchain-based police complaint portal has been prepared by a private company that specializes in Web 3 software making in collaboration with the smart cell of the district police.   Addresses Manipulation and Corruption  The project aims to address a key issue in the Indian criminal justi... read More

India's Central Bank RBI Publishes Digital Currency Details — Conf...

    India's central bank, the Reserve Bank of India (RBI), says it will soon commence 'limited pilot launches' of the country's digital currency (digital rupee) for specific use cases. The central bank explained that 'multiple technological options shall be tested and based on the outcomes, the final architecture shall be decided.'RBI Prepares to Launch Digital Rupee Pilot India's central bank, the Reserve Bank of India (RBI), published a report titled 'Concept Note on Central Bank Digital Currency' Friday. The 51-page document explains the 'objectives, choices, benefits, and risks of issuing' a central bank digital currency (CBDC) in India, the RBI described, adding that it has been exploring the pros and cons of introducing a central bank digital currency 'for some time.' The RBI clarified that the upcoming CBDC, also referred to as e₹ (digital rupee) 'is substantially not different from banknotes, but being digital it is likely to be easier, faster, and cheaper.' The report details: RBI is currently engaged in working towards a phased implementation strategy, going step by step through various stages of pilots followed by the final launch, and simultaneously examining use cases that could be implemented with minimal or no disruption. 'Depending on the different use cases, multiple technological options shall be tested and based on the outcomes, the final architecture shall be decided,' the report adds, noting that the central bank is 'deliberating on the various aspects... read More

BIS Proclaims Success in Multi-CBDC Cross-Border Payment Pilot Project

    The Bank for International Settlements (BIS) on Tuesday announced that a multi-jurisdiction CBDC pilot spearheaded by BIS Innovation Hub has been successful. The project saw 164 transactions worth nearly $22 million in real-value cross-border payments through a purpose-built multi-CBDC platform - mBridge.   Apart from the central banks of Hong Kong, China, Thailand, and the United Arab Emirates (UAE), 20 commercial banks also participated in the project, which lasted a little over a month. Multi-CBDC Cross-Border Payments   Over $12 million worth of official digital assets (CBDC) was issued by the four participating central banks to the test platform, BIS said in a Linkedin post.  'It took place from 15 August to 23 September on the mBridge Ledger, a custom-developed #DLT platform. The 20 participating commercial banks used the platform to settle different kinds of payments for corporate customers, focusing on cross-border trade. Over $12 million in value was issued onto the platform facilitating over 160 cross-border payments and FX transactions totaling more than $22 million in value,' the post said.       BIS has promised to release a detailed report covering technical design, legal, policy, and other regulatory aspects of its mBridge project during Hong Kong Fintech (31 October- 4 November 2022). The Switzerland-based bank of central banks will also reveal a roadmap for the new development.  Tayo Tunyathon K... read More

Iran Begins Central Bank Digital Currency 'Crypto Rial' Pilot Today

    The Central Bank of Iran (CBI) has reportedly begun a pilot for its central bank digital currency (CBDC), also known as 'crypto rial.' Iran's chamber of commerce explained that the 'crypto rial has been designed in a way that is easy to track, and even if the data on the smartphones are hacked, the crypto rial can be tracked.''Crypto Rial' Pilot Launches Today The Central Bank of Iran (CBI) announced Wednesday that it will begin 'the pilot launch of crypto rial' on Thursday, according to Iran's Chamber of Commerce, Industries, Mines and Agriculture. Crypto rial refers to Iran's central bank digital currency (CBDC). The Iranian central bank previously explained that 'the aim of designing the crypto rial is to turn banknotes into a programmable entity,' the Chamber described, noting that the crypto rial will be a digital version of the country's national currency. The Chamber explained that one of the main features of this central bank digital currency is 'its high security,' elaborating: Crypto rial has been designed in a way that is easy to track, and even if the data on the smartphones are hacked, the crypto rial can be tracked. Iran's government recently approved a 'comprehensive and detailed' regulatory framework for cryptocurrency. The authorities have aso resumed licensing crypto miners under the new regulatory framework. Earlier this month, Alireza Peymanpak, vice minister of Iran's Ministry of Industry, Mine, and Trade and president of the country's Trade Promotion Or... read More

China to Expand Digital Yuan Testing in Pilot Cities to Provincial Level

    China's central bank intends to enlarge the area covered by trials of its digital yuan currency in four regions of the country. A top representative of the monetary authority announced the move while highlighting that the People's Bank has been stepping up digitalization efforts this year.Government to Increase Digital Yuan Coverage in 4 Provinces of China Chinese authorities are going to expand the digital yuan's area of application in four of the first pilot cities in the project to the rest of their respective provinces. These are Shenzhen in South China's Guangdong Province, Suzhou in the eastern Jiangsu Province, Xiongan New Area in Hebei Province in the north, and Chengdu in Southwest China's Sichuan Province. With the upgrade to province-wide testing in these regions, the government in Beijing hopes to 'continue to push the innovation of China's recognized cryptocurrency,' the English-language newspaper Global Times wrote, quoting a report by the business news portal published on Monday. The plan was announced by Deputy Governor of People's Bank of China (PBOC) Fan Yifei during an economic forum this week. The high-ranking official emphasized that the monetary policy regulator has been accelerating financial digitalization since the beginning of this year. He noted that the authority has outlined the country's financial technology development for the period until 2025. Fan also underscored the importance of securing key technologies in order to enhance Chi... read More

SWIFT's New Blockchain Pilot Project Aims to Drive Efficiency Aroun...

    Leading secure financial messaging system SWIFT is testing out blockchain in a pilot project with fintech company Symbiont Inc. Previously, SWIFT explored ways how to enter the central bank digital currency space. SWIFT's Blockchain Experiment The collaboration aims at driving efficiencies in the transmission of data related to corporate events like dividend payments and mergers, a Bloomberg report said, adding that Citigroup, Vanguard, and Northern Trust will also participate in the project. “By bringing Symbiont’s Assembly and smart contracts together with SWIFT’s extensive network, we’re able to automatically harmonize data from multiple sources of a corporate action event,” said Tom Zschach, Chief Innovation Officer at SWIFT. The experiment will focus on data tracking and transparency to identify discrepancies, the coverage said. Headquartered in Belgium, The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a leading provider of secure financial messaging systems. It's a member-owned cooperative that facilitates inter-bank money transfers both domestically and globally. SWIFT connects over 11,000 banking and securities organizations, market infrastructures, and corporate customers in over 200 countries and territories. Following Digital Assets Closely In May, SWIFT reported that it was working with the French information technology services and consulting company Capgemini on CBDC interoperability. The objectiv... read More

India's Central Bank RBI Starts Digital Currency Pilot With 4 Banks: Rep...

    India's central bank, the Reserve Bank of India (RBI), has reportedly asked four banks to pilot the country's central bank digital currency (CBDC) ahead of its public launch.RBI to Pilot India's CBDC With Public-Sector Banks The Reserve Bank of India (RBI), the country's central bank, has reportedly asked four public-sector banks to trial India's central bank digital currency (CBDC), Moneycontrol reported Monday, citing two unnamed bank officials. One of the officials was quoted as saying: The RBI has asked State Bank of India, Punjab National Bank, Union Bank of India, and Bank of Baroda to run the pilot internally. 'There is a pilot on CBDCs,' another senior public-sector bank official confirmed to the publication. 'The RBI may come with the launch this year. When it will exactly roll out the product and specifications is to be seen.' The Reserve Bank of India is also reportedly consulting with several fintech companies on the digital rupee. Among them is the U.S.-based firm FIS, which has been advising central banks on CBDC issues, such as offline and programmable payments, financial inclusion, and cross-border CBDC payments. FIS senior director Julia Demidova told the news outlet last week: FIS has had various engagements with the RBI … Our connected ecosystem could be extended to the RBI to experiment with various CBDC options. 'Whether it is a wholesale or retail CBDC transaction, our technology can also be extended to commercial banks where they can test and tok... read More

Iran Aims to Roll Out Pilot Version of Crypto Rial Within 2 Months

    The government in Tehran is taking steps in preparation of the launch of Iran's new digital currency, referred to as the crypto rial. The monetary authority of the Islamic Republic hopes to initiate the pilot phase of the project within the next two months.Crypto Rial to Be Different From Cryptocurrencies, Central Bank Says Iranian authorities are taking the necessary measures to launch a pilot of the crypto rial as of the month of Shahrivar, according to the Persian calendar, which starts on Aug. 23, Governor of the Central Bank of Iran (CBI) Ali Salehabadi told reporters on Friday. Quoted by the English-language Iran Front Page news portal, the top executive emphasized that Iran's digital currency will be different from the decentralized global cryptocurrencies. It is solely designed to 'replace the banknotes that the people currently possess,' he noted. Salehabadi further unveiled that the pilot project will initially cover just one of the country's regions. The crypto rial, which has been under development for some time, will be eventually introduced to other areas of the Islamic Republic, at a later, unspecified stage. The CBI announced in April it's preparing for the upcoming launch of the central bank digital currency (CBDC), after informing Iranian banks and other credit institutions about the regulations that will accompany its introduction. They detail how it will be minted and distributed. The monetary authority will be the sole issuer of the crypto rial and will ... read More

Citi Partners With METACO for Digital Asset Custody Pilot

    The multinational financial services firm Citibank has partnered with METACO – a digital asset custody provider – to start developing and piloting digital asset custody services. In a press release from Citi, the bank revealed that the companies will work together to build a platform that lets clients securely store and settle digital assets. The bank will fully integrate METACO’s custody platform, Harmonize, into its current infrastructure. This will extend the bank’s existing capabilities into digital assets while expanding them across its global network into new markets. To be clear, this partnership is unrelated to cryptocurrencies per se. A spokesperson from Citi told CryptoPotato that the pilot would focus specifically on tokenized securities – such as tokenized bonds and equities. The technological changes will be an “integral” part of Citi’s institutional client strategy around digital assets, according to the release. “We are innovating and developing new capabilities to support digital asset classes that are becoming increasingly relevant to our clients,” said Okan Pekin, Global Head of Securities Services at Citi. METACO CEO and Founder Adrien Treccani added that the partnership is a “market-defining moment for institutional adoption of digital assets.” METACO has supported multiple implementations of its technology stack for institutions regulated by FINMA, BaFin, FCA, Banco de Españ... read More

Salesforce Launches a Pilot NFT Platform, Won't Support PoW Blockc...

    On Wednesday, American software firm Salesforce announced the launch of a pilot NFT platform - NFT Cloud - on which users can mint and trade such digital assets. However, the company has not revealed details regarding when the platform will be available to users, nor wallets or blockchains the platform will support. Salesforce views the newly launched product as a way to connect to its customers and 'make NFT selling more accessible,' according to the coverage by TechCrunch. Adam Caplan, SVP of Emerging Technology at Salesforce, described NFTs as a bridge between the digital and physical worlds. He said that these digital assets already showed utilities in multiple fields, including retail, media, fashion, and consumer goods. The company's website did not reveal which blockchains and wallets NFT Cloud will support in the future. It only indicates that the platform will 'link data, communities, and wallets' and allow users to 'deploy from secure, sustainable technology.' In line with the company's 'net-zero emission commitment,' the NFT Cloud pilot will not support Proof-of-Work (PoW) blockchains as it sees the consensus mechanism as a major cause of waste in electronic energy. Instead, it stated that it prefers Proof of Stake over PoW. Salesforce's interest in blockchain technology could be traced back to 2018, when it announced it was working on a blockchain project. Earlier this year, its investing arm - Salesforce Venture - tagged Samgsung Venture in a funding round, inve... read More

Australian Banking Giant Halts Crypto Trading Pilot Amid Regulatory Unce...

    Commonwealth Bank (CommBank), the largest bank in Australia, has reportedly suspended its planned in-app cryptocurrency trading pilot without setting a new timeframe for when it would resume the service. CommBank Pauses Crypto Services at Pilot Phase According to the Guardian Australia, on Thursday (May 19, 2022), Matt Comyn, the chief executive officer of the Commonwealth Bank, said that while the bank is working on customers' feedback, robust cryptocurrency regulation is needed before advancing beyond the pilot phase. Back in November 2021, the Australian banking giant announced plans to offer digital asset services to clients in collaboration with crypto exchange Gemini and blockchain analytics firm Chainalysis. The new feature would allow over six million users of its banking app to buy, sell, and hold up to 10 cryptocurrencies, including bitcoin, ether, litecoin, and bitcoin cash. While the pilot was scheduled to begin in a few weeks, CommBank said it would roll out more crypto services in 2022. However, in April 2022, the Australian Securities and Investment Commission (ASIC) was yet to approve the bank's planned product, stating that the financial institution needs to follow a 'bunch of rules.' Meanwhile, CommBank has stalled its pilot program following the collapse of Terra's algorithmic stablecoin UST, along with the price plunge experienced in the general cryptocurrency market. Speaking at a tech briefing earlier this week, Comyn said: “As events of the last ... read More

Bank of Russia to Pilot Digital Ruble Settlements in 2023

    Russia's monetary authority intends to conduct the first settlements with the digital ruble next year, its governor announced this week. Speaking to Russian lawmakers, the official highlighted the important role the new currency is going to play for Russia under sanctions.Russia to Trial Digital Ruble in Settlements, International Payments The full launch of the digital ruble, Russia's central bank digital currency (CBDC), should take place before 2030, according to the approved Financial Market Development Strategy of the Ministry of Finance. However, the Central Bank of Russia (CBR) plans to begin testing it in settlements as early as 2023, its Chair Elvira Nabiullina announced in the State Duma. Quoted by Tass, she elaborated: We quickly created a prototype of the digital ruble, now we are already testing with banks. Next year, we will pilot settlements in the real economy. The CBR started trials with the digital ruble in January and announced the first successful transactions between individual wallets in mid-February. Five financial institutions are currently participating and in the coming months, another seven banks will join the experiments that are expected to continue throughout 2022. The digital ruble, Nabiullina insisted, will create new opportunities for Russia, its citizens, and businesses. It will be used by the government for targeted payments to support certain sectors of the economy and the social sphere. Transfers between individuals will be free of charge... read More

Payments Giant Stripe Rolls Out Pilot to Test Crypto Payouts With Twitte...

    On April 22, the payments giant Stripe announced that it is expanding global payouts with crypto assets via a new pilot. Stripe's crypto executive Karan Sharma revealed crypto payouts for the firm's Connect service to a select group of Twitter users as the social media platform is Stripe's first partner.Stripe and Twitter Partner to Test Crypto Payouts Feature Using the Stablecoin USDC Stripe revealed on Friday that it plans to allow businesses to pay users in digital currencies via a pilot through Stripe's Connect service. The company's first partner is Twitter and crypto payouts will at first start with usd coin (USDC) payments. Starting today, a specific amount of selected crypto users will be paid in USDC if they obtain earnings from Twitter services like Super Follows and Ticketed Spaces. 'With crypto payouts for Connect, Twitter will make it possible for creators who opt in to have their earnings paid out to a cryptocurrency wallet,' Sharma's blog post explains. 'Stripe will handle all crypto-related complexity and operations. No code changes are required, and platforms can avoid taking on the challenges of acquiring, storing, or transferring crypto themselves.' Both Stripe and Twitter are no strangers to crypto assets, and the social media company introduced crypto tipping at the end of September 2021. While Stripe says the initial crypto support will be USDC, the USDC transfers will be executed via the Polygon network. '[Users] can hold their balance on Polygon, or ch... read More

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC Th...

    The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this new test will include a fixed supply of the mentioned token, and detailed this pilot will be executed during the last six months of this year. Central Bank of Brazil Advances CBDC Project The Central Bank of Brazil has offered details about the advancements it has made regarding its CBDC project, the digital real. Its president, Roberto Campos Neto, hinted at an unspecified test involving the usage of the currency during the final six months of this year. At an event, he declared: This is a way to create currency digitization without creating a break in bank balance sheets. This project should have some kind of pilot in the second half of the year. Campos Neto also gave hints about the way in which this currency will be used, saying it will be linked to the reserve transference system, a kind of fiat-based payments system. With this pilot program, Brazil could advance to the vanguard of countries that have CBDC programs in South America. Campos Neto also offered his take regarding the state of the cryptocurrency market in Brazil. He explained that cryptocurrencies are viewed more as investment assets than as a payment method. However, this could change as more adoption is achieved globally and... read More

Delivery App Rappi Launches Pilot Project to Accept Crypto Payments in M...

    Rappi, one of the biggest delivery companies in Latam, has launched a pilot project with the objective of accepting cryptocurrencies as a payment method. Users will be able to buy Rappi credits with cryptocurrency to spend later on various services offered by the app. This functionality will only be available for users of these services in Mexico. Rappi Gets Into Cryptocurrency Payments Rappi, one of the largest delivery services in Latam, has decided to bring cryptocurrencies to its app. The company - which last year reached a valuation of more than $5 billion in its Series G funding round - announced that it is bringing the possibility for customers to use cryptocurrencies as a payment method, using them to purchase Rappi credits directly from the app. These Rappi credits can then be used to pay for delivery services offered in the app. The company, which has its origins in Colombia, becoming the first Colombian unicorn in 2018, has a presence in almost all of Latam, including Mexico, Costa Rica, Colombia, Peru, Ecuador, Chile, Argentina, Uruguay, and Brazil. However, Rappi announced this new pilot project will be limited to Mexican users and has not referred to a possible expansion. This inclusion of cryptocurrencies answers the rise of the digital world and the search for innovation regarding ways for users to interact with the app. On the importance of innovation and cryptocurrencies for the future of the company, Sebastián Mejia, president of Ra... read More

Iran Will Not Allow Crypto Payments, Prepares to Pilot Digital Rial

    Iran will not recognize cryptocurrencies as a means of payment, a high-ranking government official has indicated. His statement came as the Central Bank of Iran announced rules for the issuance of digital coins in the country. These are meant, however, for its own 'crypto rial,' the pilot phase of which should start in the near future. Accepting Cryptocurrency for Payments Is a Red Line, Iranian Minister Says Cryptocurrencies like bitcoin will not be treated as legal tender in the Islamic Republic of Iran. Discussing regulatory matters related to the storage and exchange of cryptocurrencies, Iran's deputy minister of communications, Reza Bagheri Asl, emphasized: We do not recognize payments with cryptocurrencies. The government official was commenting on the latest resolution by the Digital Economy Working Group regarding crypto assets. He pointed out that the use of any foreign currency is outside the sovereignty and against the monetary and banking law of Iran. 'So, we will by no means have any regulations recognizing payments with cryptocurrencies that do not belong to us,' Bagheri Asl elaborated, quoted by the Iranian financial news portal Way2pay. 'Iran has its own national cryptocurrency, so no payments will be made with non-national cryptocurrencies,' he insisted. The deputy minister added that in order to prevent risks for the Iranian citizens, digital asset exchange in the country will be subject to a set of rules similar to those that apply to the stock market and o... read More

China's Central Bank Adds More Digital Yuan Pilot Cities

    China's central bank, the People's Bank of China, has added more cities to test its digital currency. According to the latest official data, the digital yuan has more than 261 million users.PBOC Adds More Cities to Test Its CBDC The Chinese central bank, the People's Bank of China (PBOC), said Saturday that it is adding more pilot cities to test its central bank digital currency (CBDC), the digital yuan (e-CNY). The new pilot cities are Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and six cities in the Zhejiang province that will host the 2022 Asian Games in September. The six cities are Hangzhou, Ningbo, Wenzhou, Shaoxing, Jinhua, and Huzhou. The digital yuan is already being tested in 10 major cities: Shenzhen, Shanghai, Suzhou, Xiong'an, Chengdu, Hainan, Changsha, Xi'an, Qingdao, and Dalian. It was also tested at the Winter Olympics in Beijing. Commenting on its digital currency, the Chinese central bank stated: Policies must be designed to stimulate creativity and enthusiasm among the banks, technology firms, and the local government in the development, promotion and proliferation of the digital yuan. 'In the process of promotion, competition should be encouraged,' the PBOC added. Besides the new digital yuan pilot cities announced by the PBOC, Hong Kong plans to soon roll out a pilot scheme for the use of the e-CNY for shopping and dining, Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority (HKMA), said in February. According to the latest data from the Chinese... read More

Report: Gas Giant Exxon Is Running a Gas-to-Bitcoin Mining Pilot Program...

    Exxon Mobil Corporation is reportedly participating in a pilot program that leverages excess natural gas to power crypto mining machines, according to a recent report quoting people familiar with the matter. The report states that the oil giant is partnered with the firm Crusoe Energy Systems, and the pilot is purportedly taking place in North Dakota at the Bakken shale basin.Unnamed Sources Say Exxon Is Piloting a Bitcoin Mining Operation in North Dakota Using Flare Gas On March 24, Bloomberg author Naureen S Malik reported that the largest American oil and gas corporation Exxon Mobil (NYSE: XOM) is participating in piloting a bitcoin mining project with excess gas. Malik wrote that 'people familiar with the matter' told Bloomberg that they could not be named because the information is not public. However, the people who asked to not be named said that currently, Exxon Mobil is working with Crusoe Energy Solutions in the state of North Dakota. Crusoe Energy is a firm that provides oil and gas companies with a digital solution to natural gas flaring. Natural gas flaring takes place when an oil or gas firm processes oil from shale and the oil extraction process releases excess gas that is typically burned. Some oil firms have found ways to convert the flare gas into useful energy and Crusoe Energy helps gas companies use the flare gas to mine digital currencies like bitcoin (BTC). Malik's report says that Exxon Mobil's pilot is taking place at an oil pad located near the Bakke... read More

China Designates 15 National Pilot Zones and 164 Entities for Blockchain...

    The Chinese government has established 15 pilot zones and 164 entities for blockchain projects. 'Projects will be carried out in various fields such as manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross border finance.' China Establishes Blockchain Testing Zones Sixteen Chinese governmental bodies jointly announced Sunday a list of national blockchain pilot zones 'in order to further carry out the innovative application of blockchain' technology. The 16 governmental bodies include the People's Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission. The list has 15 pilot zones, including areas in Beijing and Shanghai, as well as Guangzhou and Chengdu in the southern Guangdong and Sichuan provinces respectively. It also names 164 entities, including hospitals, universities, and companies that have been selected for blockchain pilot projects. Among the companies chosen are SAIC-GM-Wuling Automobile Co., China National Offshore Oil Corp, Beijing Gas Group Co., and Industrial and Commercial Bank of China Ltd. Projects will be carried out in various fields such as manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross-border finance, the announcement details. The regulators emphasized 'the need to focus on collaborative advancement.' They added that supervisory bodies 'in all regions should focus on promoting t... read More

Iran to Pilot 'National Cryptocurrency,' Considers Blockchai...

    The Central Bank of Iran soon plans to launch the pilot phase of its digital currency project, an official unveiled. The Islamic Republic hopes to a join a growing club of nations that want to take advantage of having a sovereign coin, while it also seeks to implement blockchain technology in other areas. Iran to Begin State-Backed Digital Currency Trials The monetary authority of Iran intends to pilot its central bank digital currency (CBDC) in the near future, a high-ranking representative of the financial regulator said, quoted by the Iranian Labour News Agency (ILNA). The news comes in the fourth year since the initial announcement of the project. According to a statement by Mehran Moharamian, deputy governor for IT at the Central Bank of Iran, the CBI sees digital currencies as a solution for resolving certain inconsistencies and decentralizing resources. Other countries have already begun to benefit from CBDCs, he noted. Moharamian did not provide specific details about the start of the pilot phase. Authorities in Tehran tasked the country's Informatics Services Corporation with developing a 'national cryptocurrency' in 2018. The CBI arm is operating the country's banking automation and payment services network. Later, the company explained that the Iranian digital currency has been designed using the Hyperledger Fabric platform, a blockchain framework implementation and one of Hyperledger's projects hosted by the Linux Foundation. Blockchain Expected to Revive Iranian... read More

Iranian CBI Officials Reveal CBDC Pilot Phase to Start Soon

    In the face of massive sanctions, top Iranian official believes cryptocurrency is a solution. The country is now looking to launch its CBDC in a pilot phase. CBDC headlines have been dominating fintech media for quite some time. Several countries are working on a national digital currency, but only a handful of them have landed in the pilot phase. Iran is the latest country that is gearing up to roll out its CBDC pilot soon. Iranian CBDC According to the latest report published by the Iranian Labour News Agency, the Central Bank of Iran (CBI) intends to launch a CBDC pilot phase shortly. The official did not disclose any specific timeline for the same. The report also mentioned that the CBI Vice Governor for IT Affairs Mehran Moharamian sees cryptocurrencies as a solution to the growing financial instability across the world. Interestingly, the cryptocurrency industry in Iran is not regulated. However, the central bank of the Western Asian country had permitted domestic banks and money exchange platforms to use cryptocurrencies generated by authorized miners in the region to pay for imports. In fact, the CBI first started to work on developing a digitized version of its national currency in a bid to circumvent economic sanctions imposed by the United States as well as to enable cross-border transactions. The development of Iran's national digital currency began in 2018 at the Informatics Services Corporation (ISC), CBI's subsidiary and private joint-stock company. ISC officia... read More

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