Iran favors Muslim cryptocurrency

Iranian President Hassan Rouhani said the Muslim world needs its own cryptocurrency to fight with US economic dominance in international trade and declining dependence on the dollar, reports CoinDesk.

Confrontation of financial systems

Iranian President Rouhani called on Islamic countriesdeepen financial and trade cooperation in the fight against US economic hegemony. The leader of Iran expressed his opinion at the Islamic conference in Malaysia.

“The Muslim world must develop measures for its own salvation from the dominance of the US dollar and the American financial regime”He said at the Kuala Lumpur Malaysia Summit on Thursday.

Iran has been subjected to severe economic sanctions withUS parties that restrict foreign investment for the country's financial institutions, using the dollar as the most common currency in international transactions.

The Iranian government is exploring the possibility of widespread use of cryptocurrencies like Bitcoin to circumvent US economic sanctions.

According to a September survey conducted by GateTrade, cryptocurrency was one of the most popular investments among Iranians. More than a third of the 1,650 Iranian investors surveyed earned between $ 500 and $ 3,000 through mining, and 58% from trading.

Rouhani suggested that at a conference inKuala Lumpur created a joint fund to finance technological cooperation between Muslim peoples and created a joint research center on artificial intelligence and cyberspace.