President of Iran Proposes Cryptocurrency To Muslim Nations to Fight Economic Sanctions

Hassan Rouhani, the President of Iran, stated Muslim regions creating a cryptocurrency could be the best alternative to defeat the US dollar’s dominance.

He called the economic sanctions of US, tools used to dominate and bully other nations. This comes after last month, BRICS countries have proposed cryptocurrency in order to settle payment transactions in the group. The BRICS countries are Brazil, Russia, India, China, and South Africa.

Rouhani Believes Muslim Regions Should Save themselves from the US Domination

On Thursday, President Rouhani attended an event in Malaysia and expressed his previously mentioned proposition. He also thinks the Muslim world should do something so that it’s no longer dominated by the US and its financial regime. The US is known to have imposed some economic, military, trade and even scientific sanctions on Iran ever since 1979. The economic sanctions were called by Rouhani “main tools of domineering hegemony and bullying” other countries.

Some Other Leaders Present at the Summit Agreed with Rouhani

The summit hosted other leaders too. These were from Qatar, Malaysia and Turkey. The Prime Minister of Malaysia, Mahathir Bin Mohamad, agreed with President Rouhani and said that using the US dollar brings sanctions that stay in the way of countries’ economic development. He continued by adding that the nations present at the summit could very much use a common currency. President Erdogan, Turkey’s leader, thinks Muslim countries should be funded by Islam. He even suggested the development of a working group to discuss details on this matter.

BRICS Nations Determined to Create Their Own Cryptocurrency

As said before, ever since last month, BRICS nations are seriously considering having a cryptocurrency for payment transactions that take place in their group. The Russian Direct Investment Fund’s CEO, Kirill Dmitriev, mentioned last month that the US dollar share in foreign trade settlements went down 42% over the previous 5 years.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Kraken Exchange Onboards Swiss Bank InCore to Help Euro Clients Buy Crypto With Fiat

Swiss Bank InCore has just become the first banking institution in the nation to provide banking services to Kraken crypto exchange. The deal, which was...

Bank Of Japan (BoJ) Launches ‘Technical' Study to Experimenting CBDCs

The race to launch a sovereign digital currency is heating up as Japan became the latest country to venture into a central bank digital...

This Top Coin, Being the Worst Performer of 2020, Is A Disappointment to the Crypto Market

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in green by 1.66%, like the majority of the market. With 8.61% losses In...

Cryptocurrency Payment Processor BitPay Finally Announces Support for SegWit

Bitpay, the crypto payment processing giant, has finally integrated the segregated witness (SegWit) protocol, a second layer scalable solution to make bitcoin processing cheaper....

Crypto Hardware Wallet Ledger: ‘Funds are Safe' After ‘BigSpender' Vulnerability Found

A vulnerability was recently discovered by ZenGo in popular cryptocurrency wallets Ledger, Edge, and BRD. Named BigSpender, the vulnerability could lead to a double-spend...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today