Are Muslim countries going to have their own crypto?

Securities and Exchange Organization

The President of Iran has proposed that Muslim countries adopt a cryptocurrency. President Hassan Rouhani commented that the domination of the US dollar has allowed economic sanctions to basically weaken economies. Thus, an action must be taken to neutralize this negative effect of the USD.

The President of Iran has expressed his wish for a cryptocurrency that will actually replace the USD as the major means of exchange, and this will apply to Muslim countries. The proposition came during the Malaysian summit – an event that gathers world leader to discuss ensuing social and economic issues.

President Rouhani then urged Muslim economies to design a special way through which they can “save” themselves from the hegemony of the US dollar and therefore, from the power of the American monetary regime. Iran, for example, is currently facing serious sanctions that are from military, scientific and economic nature and this has been going around for the last forty years almost.

However, one fact is that almost all sanctions have increased after Iran started experimenting with nuclear technology. What the Iranian President believes is that the US is doing its “best” to control smaller nations with the currency regime.

Other leaders present at the summit also agreed with the the Iranian head. The Malaysian prime minister, for instance, added that the US dominance in Muslim economies creates serious hurdles for economic development.

The solution? A cryptocurrency specifically designed for Muslim countries. A proposition came from the President of Turkey who proposed the concept of Islamic funding. He also set the tone for creating a working group of Muslim countries that will work to cooperate of trade and economic issues.

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