Behzad Safari, Vice President of Information Technology at Sepah Bank, announced at the “OmidTalk” event the bank’s plans to develop a national cryptocurrency and a proprietary stablecoin. He also considered the successful merger of six banks into Sepah Bank a symbol of the bank’s technological capabilities.
According to Ideaagency, referring to Sepah Bank’s century-old history, Safari described the bank’s innovative initiatives in recent years, saying: “The integration of six banks into Sepah Bank was a major challenge, but it was successfully achieved. We managed this huge transformation without even having to change the bank card passwords, which demonstrates the high capacity of information technology at Sepah Bank.”
Emphasizing the importance of developing cryptocurrencies, the Deputy Director of Information Technology at Sepah Bank pointed to the challenges ahead, including sanctions and the multitude of regulatory bodies, and added: “Iranian banks should move towards producing a dedicated stablecoin. In conditions of sanctions, cryptocurrencies can be an efficient tool for facilitating financial and commercial transactions.”
He called the issuance of Iranian cryptocurrency one of Sepah Bank‘s future priorities and said: “This cryptocurrency, along with the digital rial project, can become a powerful tool for international settlements and even securities transactions on the stock exchange. We have begun our studies to implement smart contracts.”
Safari concluded by referring to the role of Sepah Bank in the pilot implementation of the digital rial project, noting: “This bank is one of the 12 pioneer banks in implementing the digital rial. Last year, this project was implemented as a pilot in some bakeries. Although we are at the beginning of the road, this move will be the beginning of a fundamental transformation in the country’s payment system.”
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