Cryptocurrency for Muslim countries proposed by Iranian President

Cryptocurrency for Muslim countries proposed by Iranian President

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A cryptocurrency for Muslim countries has been proposed by Iranian President Hassan Rouhani. 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.

The Iranian president said that hegemony of the US dollar allows economic sanctions to wreak havoc on an economy. Efforts must be made 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 to replace US Dollar

Iranian president Hassan 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.

It is widely known that the United States has imposed severe trade, economic and military sanctions on the Iranian regime 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

The summit was attended by leaders from Qatar, Malaysia, and Turkey as well. 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.

Turkey’s President Recep Tayyip Erdogan proposed the traditional concept of Islamic funding. He further proposed a working group of Muslim countries that will focus on trade and economic cooperation. A similar concept has been proposed by BRICS nations who presented an idea of common cryptocurrency to solve the transaction and settlement issues.

Image Source: Pixabay

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Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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