September 26, 2022

Iran suggests Muslim countries use cryptocurrency instead of US dollar

Iran suggests Muslim countries use cryptocurrency instead of US dollar

Iranian President Hassan Rouhani proposed creating a cryptocurrency for Muslim countries to use it for mutual settlements and trade instead of the US dollar.

At the summit in Malaysia, he stated thatthe Muslim world needs to develop protection mechanisms against the US financial regime and the dominance of the dollar. According to Hassan Rouhani, the United States uses economic sanctions to intimidate other countries, and the dollar as a tool for hegemony.

This idea was supported by the Prime Minister of Malaysia, Mahathir Mohamad, who said that in some In some cases, the use of the American dollar may restrain economic development, but countries can use their own currencies instead or have a single one.

Although Turkish President Recep Tayyip Erdogannoted that Muslim countries, first of all, need to focus on financing of Islam, but suggested creating a working group to discuss details on this issue. Perhaps this is due to the fact that the economic development plan of Turkey, approved in July, already includes the development of a digital currency of the central bank on the basis of the blockchain.