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.