President of Iran has proposed to create a Muslim cryptocurrency as a means to confront the economic dominance of the United States.
On Dec. 19 The Associated Press (AP) reported that the Iranian President Hassan Rouhani spoke at an Islamic conference in Malaysia while calling on to Muslim nations to strengthen financial and trade cooperation and to cut their reliance on U.S. dollar.
Confronting US Economic Hegemony
Rouhani put forward the establishments of special banking and financial systems among Muslim nations that could use local currencies for trade. Local reports confirm that Rouhani proposed the creation of a cryptocurrency as part of the effort.
As reported by the AP, Rouhani said:
“The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime.”
The conference was also attended by leaders of major Muslim countries including Turkey, Qatar and host Malaysia. The idea of the Iranian President has reportedly met with support from Malaysia to date, as the country’s Prime Minister, Mahathir Mohamad, endorsed the initiative, as reported by local publication Free Malaysia Today.
The official noted that this was the first time that Iran and Turkey are considering the opportunity of creating an alternative to the U.S. dollar. He said:
“We can use our own currencies or have a common currency.”