March 28, 2023

Iranian President proposes to create cryptocurrency for Islamic countries

Iranian President Hassan Rouhani has proposed the creation of a cryptocurrency that would be used in Islamic countries as an alternative to the US dollar.

At the Rukhani conference in Malaysiastated that Islamic countries need to strengthen financial cooperation to counter the "financial hegemony of the United States." He called the US economic sanctions "the main tool for establishing its hegemony and mockery of other nations."

Rouhani noted that the United States introducedtough sanctions against Iran, which led to a significant increase in gas prices and protests from citizens. According to him, the United States sought in this way to harm Iran. As a solution to this problem, Rouhani proposed using cryptocurrencies.

“The Muslim world must take measures to save itself from the dominance of the US dollar and the American financial regime,” the Iranian president emphasized.

Rouhani also proposed the creation of a special finance technological interaction between Muslim countries. Turkish President Recep Erdogan noted that Muslim countries should finance each other and proposed the creation of a special working group.

"Sometimes, when we use US dollars, sanctionscan harm our economic development. We can use our own currencies or create a common one, ”Malaysian Prime Minister Mahathir Mohamad supported the idea.

Recall that recently, the cabinet of Iranissued a bill proposing the introduction of mandatory registration and licensing of mining companies. Now the document is waiting for official approval.