Iran Is Interested In Creating A Cryptocurrency To Confront US Leadership

The President of Iran is interested in creating a national cryptocurrency as the latest crypto news show. The President Hassan Rouhani recently spoke at an Islamic conference in Malaysia on December 19 and noted that the plan is to create a Muslim cryptocurrency as one of the methods to confront the economic dominance of the United States.

Calling all Muslim nations to strengthen their financial and trade cooperation, the President Rouhani said that they need to cut their reliance on the US dollar and improve the cooperation. This was detailed in a report by The Associated Press (AP).

As Rouhani also argued, US economic sanctions are the “main tools of domineering hegemony and bullying” and are why Iran is interested in creating a cryptocurrency. He put forward the establishment of a special banking and financial system among Muslim nations that use local currencies for trade.

Local reports also show that the President Rouhani proposed the creation of a cryptocurrency as part of the effort. He was quoted in AP as stating:

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

Iran is interested in creating a cryptocurrency – and this was clearly expressed during the conference. Speaking of which, the attendees at the conference included leaders from major Muslim countries such as Turkey, Qatar and the host Malaysia, while Saudi Arabia and Pakistan withdrew from the conference.

The idea of the Iranian president has met with support from Malaysia alone to date and the country’s Prime Minister, Mahathir Mohamad, agreed and endorsed the initiative as reported by the local publication Free Malaysia Today.

“We can use our own currencies or have a common currency,” he said, noting that this was the first time Iran and Turkey are considering the opportunity of creating an alternative to the US dollar.
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While Iran is interested in creating a digital currency, the Turkish President Recep Tayyip Erdogan recently spoke against the Organization of Islamic Cooperation and said that it demonstrates a “lack of implementation.”