Given the global movement towards “Central Bank Digital Currencies” and the introduction of the “National Cryptocurrency” project in Iran, this research aims to investigate and analyze this emerging phenomenon legally. The article explains the legal nature of Cryptocurrency within the framework of the Iranian legal system and examines its fundamental effects and challenges on the monetary, banking, and citizens’ rights systems. Method: This research analyzes the subject using a descriptive-analytical method and using library resources, laws and regulations, and technical-legal reports from national and international institutions. Findings: The results show that Cryptocurrency is a new legal phenomenon that, in its nature, is considered a “direct debt of the Central Bank” to citizens, and its nature is fundamentally different from common electronic money and private crypto currencies. Its identification as “legal money” requires the legislator to clarify. While potentially strengthening monetary policy instruments, the implementation of this plan also poses profound challenges, including the risk of a “digital bank run” for the stability of the banking system, the risk of creating a “financial panopticon” and violating privacy, and ambiguity in the rules governing civil liability and property rights. The final conclusion is that the successful implementation of the cryptocurrency requires, above all, the creation of a legal roadmap and the adoption of infrastructure laws, especially a comprehensive data protection law.