Central Bank of Iran (CBI) did a pilot launch of digital-rial as the bank’s digital currency in 2022.
The primary objective behind the design of the digital rial is to transform traditional banknotes into a programmable entity. In the architecture proposed by the Central Bank, the digital rial serves as a digital representation of a physical banknote, and its issuance will be exclusively handled by the central bank.
In this architectural setup, banks and financial institutions with appropriate licenses act as distribution intermediaries responsible for communicating with end users. These intermediaries are entrusted with the task of maintaining and updating the ledger of the digital rial.
The digital rial infrastructure of the Central Bank has opted for the latest algorithm to process transactions. This algorithm, known as “Voter Algorithms,” is an application resilience protocol that protects against Byzantium 82 attacks, making it particularly suitable for use in distributed and asynchronous systems.
Source:
https://iranblockchain.org/wp-content/uploads/2022/08/4_5778378755848277019.pdf