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Iran Pushes Cryptocurrency As Solution To Muslim Nations’ US Overreliance

Hassan Rouhani, the President of Iran, has proposed the creation of a cryptocurrency in the Islamic conference that happened in Malaysia. Rouhani considers this move to be a proper alternative to Muslim nations, relying so heavily on the US Dollar.

Rouhani: Crypto To Prevent US Dominance

First announced via Associated Press, Rouhani pushed the idea in the conference of Muslim nations that they should strengthen financial cooperation amongst themselves. Rouhani believes this would help combat what he described as an economic hegemony held by the US. The Iranian President pointed out how the US makes use of economic sanctions as one of its “main tools for domineering hegemony and bullying” of the world’s other nations.

The country of Iran has been suffering under the wake of violent protests for the past month. The reason for it is Iranian citizens revolting over a staggering rise in prices for gasoline, which followed after the US had imposed sanctions on the country. Using this as evidence, Rouhan stated that the US was seeking to cripple Iran with extreme sanctions.

Proposal For Increased Financial Cooperation

Forced to think of a solution, Rouhan proposed for increased financial cooperation between Muslim countries. This would show in the creation of a Muslim cryptocurrency and the trading of local currencies amongst the Muslim nations. He urged the Muslim world to design various measures to save themselves from the “domination of the United States Dollar and the American financial regime.”

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Rouhani pushed this narrative on the first day of a three-day conference between leaders of Muslim nations like Qatar, Turkey, and Malaysia as well.

To facilitate this, Rouhani proposed the nations to establish a joint fund with its focus on supporting joint technological development. Recep Tayyip Erdogan, the President of Turkey, stressed the fact that Muslim countries need to focus inwards, developing the Islamic financing sector. To further this, he urged the creation of a working group to properly investigate the prospect.

Economic Control Through USD

Mahathir Bin Mohammad, the Prime Minister of Malaysia, threw his support behind Rouhani. He pointed out that the use of a cryptocurrency to counteract the dominance of the USD has never been suggested before. He explained that sometimes it seems like the US makes use of the fact of a country’s reliance on the USD to curb economic growth. Mohammed pointed out that the use of a common currency or proper trade of their individual currencies can circumvent this event.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.