Iran Proposes to Create a Muslim Cryptocurrency

Iranian President Hassan ROUHANI has proposed creating a cryptocurrency for Muslim countries as an alternative to the US dollar, speaking at an Islamic conference in Malaysia, as reported by the Associated Press.

As a solution, the Iranian president proposed financial cooperation between Muslim countries, including trade in local currencies and the creation of a single Muslim cryptocurrency. At the opening of the three-day conference, which was attended by leaders from Turkey, Qatar and Malaysia, he said:

“The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime.”

Further, Rouhani proposed the creation of a joint fund to finance technological cooperation between the nations. Turkish President Recep Tayyip ERDOGAN noted that Muslim countries should focus on Islamic finance, and proposed the creation of a working group to study this issue. Malaysian Prime Minister Mahathir Bin MOHAMAD has also expressed his agreement with the Iranian president, noting that cryptocurrency is being proposed for the first time as a solution.

At the beginning of this year, Iran allegedly launched a gold-backed cryptocurrency called PayMon, but there are practically no details about its current purpose.


Image: Associated Press