The Central Bank of Iran (CBI) is developing a national blockchain project that aims to revolutionize the current banking and financial sector, fostering a digital ecosystem in the country. To this end, the CBI, via its Informatics and Services Corporation (ISC), partnered with the Iranian blockchain solution provider, Areatak, to launch the Borna platform.

Borna Enables CBI to Closely Monitor Financial Institutions

According to Cointelegraph, the Borna platform built by the Areatak developers on Hyperledger Fabric is an exclusive asset of the ISC. When launched, Borna will allow all CBI-managed institutions to adopt distributed ledger technology (DLT) by easing the barrier to entry for companies in regards to technical expertise and cost. Borna is meant to enable the CBI to monitor financial transactions to prevent money laundering and other illegal activities.

Blockchain Solution in Response to US Sanctions

The blockchain project initiated by the CBI has been interpreted as a response to the sanctions imposed on Iran by the United States. However, project stakeholders have denied the claims and said that Borna is only available within Iran and does not support any crypto tokens.

Saeed Khoshbakht, CEO of Areatak, addressed the rumors of using blockchain to circumvent sanctions.

“Those narratives about bypassing sanctions are just media games,” Khoshbakht said. “They are not about reality. How can a national infrastructure that has no connection with international parties, be able to bypass sanctions? Borna is focused on national use cases and is hosted by national organizations. Tokenization of assets or Rial in the future is limited to Borna platform transaction cases, not an international transaction.”

Source: cointelegraph.com

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