President of Iran has proposed to make a Muslim crypto as one of a number of means to confront the economic dominance of the U.S.
According to a report by the Associated Press(AP),Hassan Rouhani, Iranian President, commenting at an Islamic conference in Malaysia on December 19, summoned Muslim nations to encourage monetary and trade cooperation and to cut their dependence on United States dollar.
New Muslim cryptocurrency to confront “United States economic hegemony”
As Rouhani proved that United States economic sanctions are the “prime tools of authoritarian hegemony and bullying” of other nations. He put forward the establishment of a monetary system and a unique banking among Muslim nations that use local currencies for trade. Rouhani proposed the making of a cryptocurrency as part of the effort, local reports confirms.
Rouhani said, as reported by the Associated Press:
“The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime.”
Malaysia supports Iranian President’s idea to create an alternative to the U.S. dollar
Leaders of major Muslim countries like Host Malaysia, Turkey, and Qatar attended the conference while Pakistan and Saudi Arabia withdrew from the conference.
According to a report today by local publication Free, the thought of Hassan Rouhani had supposedly met with assistance from Malaysia alone to date, as Mahathir Mohamad,the country’s Prime Minister endorsed the initiative.
The official denotes that this was actually the first time Turkey and Iran are considering an alternative to the United States dollar.
“We can use our own currencies or have a common currency.”
In the meantime, Tayyip Erdogan, Turkish President clearly criticized the Organization of Islamic Cooperation, proving that the platform that unites the Muslim world together demonstrated a “lack of implementation.”
Tayyip Erdogan additionally pointed out that Muslim countries needed to concentrate on Islamic financing, recommending the establishments of a special working group.
Other countries trying to bypass United States sanctions with cryptocurrency
A number of world jurisdictions have been considering the making of a cryptocurrency to avoid sanctions by the United States to date.
Authorities in North Korea, according to a report in late September, announced their intentions to issue a digital currency with experts hoping that the initiative aims to assist the country to bypass sanctions by the United States.
In the meantime, Venezuela is obviously one of the most famous examples of countries trying to bypass United States sanctions using their own cryptocurrency.
The Petro became the first global national oil-baked cryptocurrency launched in February 2018.