The Iranian President Hassan Rouhani has proposed a cryptocurrency for Muslim countries. In a bid to counter the dominance of the United States Dollar as the global reserve currency, the President of Iran as proposed to create a cryptocurrency to serve the Muslim dominated regions.
December 19, 2019, | AtoZ Markets – The Iranian president said that hegemony of the US dollar allows economic sanctions to wreak havoc on an economy. Hence, they must take action to regulate the bullying of nations through economic sanctions. Earlier this month, a similar concept was proposed by the BRICS nations to support uniform payment settlements in the member countries.
Cryptocurrency for Muslim countries alternative to the US dollar
Iranian President Rouhani wants a cryptocurrency for Muslim countries that will replace the US dollar as the default means of exchange. The president proposed this concept at the Malaysian summit, where world leaders gathered to discuss economic and social issues.
He urged Muslim nations to design financial means that will save themselves from the hegemony of the American monetary regime. Iran is indeed facing numerous sanctions right now including scientific, military and economic sanctions. for the past four decades.
The sanctions have increased exponentially ever since the Iranian regime has started experimenting with nuclear technology. Rouhani claimed that the U.S. uses economic sanctions as a means of creating dominance and hegemony to bully smaller nations.
Muslim economic coordination discussed during the summit
Leaders from Turkey, Qatar, and Malaysia were also present at the summit. His sentiment was echoed by Mahathir Bin Mohammad, the Malaysian prime minister. He added that the US dollar’s dominance does create hurdles in the economic development of such countries.
A cryptocurrency for Muslim countries will certainly give them the freedom to pursue their economic goals. Moreover, Turkey’s President Recep Tayyip Erdogan proposed the traditional concept of Islamic funding.
Furthermore, he proposed a working group of Muslim countries that will focus on trade and economic cooperation. The BRICS nations have proposed a similar concept. These nations have presented an idea of common cryptocurrency to solve the transaction and settlement issues.
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