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Central Bank of Iran promises CBDC launch, fintech to fight sanctions

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Iran has officially launched its central bank digital currency (CBDC), the Digital Rial, as part of a broader effort to modernize its financial infrastructure and embrace digital innovation. Announced on Nov. 21, the Digital Rial aims to improve payment efficiency, enhance financial inclusion, and provide a state-backed alternative to decentralized cryptocurrencies. The rollout follows months of pilot testing and collaboration between the Central Bank of Iran (CBI) and domestic banks.

The Digital Rial operates on a blockchain-based platform designed to ensure secure, transparent, and traceable transactions. Unlike traditional cryptocurrencies, the CBDC is fully controlled by the CBI and pegged to the Iranian rial, offering users a stable and government-backed digital currency. The CBI emphasized that the Digital Rial will not replace cash but complement existing payment systems, making transactions faster and more efficient.

Iran’s move to launch a CBDC comes amid growing interest in digital currencies globally, particularly as governments explore alternatives to physical cash and private cryptocurrencies. The Digital Rial is also seen as a potential tool for mitigating the impact of international sanctions by enabling domestic and cross-border transactions through state-approved channels. Analysts believe it could help Iran reduce reliance on traditional financial networks and boost economic resilience.

The successful implementation of the Digital Rial will depend on widespread adoption and integration into Iran’s financial system. While the initiative has been praised for its forward-thinking approach, critics have raised concerns about potential privacy issues and the risk of state overreach. As one of the early adopters of a CBDC in the region, Iran’s experience will likely influence how other countries in the Middle East approach digital currency development.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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