The president of Iran, Hassan Rouhani, proposed the creation of a cryptocurrency to be used in trade between Muslim countries as an alternative to the United States dollar.
This proposal was presented by Rouhani at the Islamic conference held in Malaysia, as reported by the Associated Press. Rouhani believes that Muslim countries should design measures "to save themselves from the domination of the United States dollar and the American financial regime."
The United States has imposed various economic, trade, scientific and military sanctions against Iran since 1979. Rouhani said that this country has used economic sanctions as the "main tool for dominance of hegemony and as bullying»To other nations.
The leaders of Turkey, Qatar and Malaysia were also present during the summit. In that sense, the Prime Minister of Malaysia, Mahathir Bin Mohamad, agreed with Rouhani's proposal saying that “it seems that sometimes, when we use the United States dollar, there are sanctions that can delay economic development. We can use our own currencies or have a common currency«He added.
On the other hand, the president of Turkey, Recep Tayyip Erdogan, said that Muslim countries should focus on Islamic financing. He also suggested the creation of a working group to refine the details.
Last month, BRICS, a group consisting of the five main emerging nations: Brazil, Russia, India, China and South Africa, also proposed the creation of a cryptocurrency to establish payment transactions between countries. Kirill Dmitriec, the CEO of the Direct Investment Fund of Russia, said at the time that the participation of the US dollar in foreign trade agreements had fallen from 92% to 50% in the last five years.
Translated version of Article by Yogita Khatri, published in The Block Crypto.