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.

The idea was supported by Malaysian Prime Minister Mahathir Mohamad, who said that in someIn 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 Islam, but proposed creating a working group to discuss details on this issue. This may be because Turkey's economic development plan, approved in July, already includes the development of a blockchain-based central bank digital currency.

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