Have you heard this lately that few countries seek to combat the US dollar domination? Iran is one such country. As per the latest report, Iran’s President “Hassan Rouhani” is seeking to create a cryptocurrency dedicated to Muslim countries as an alternative to the US dollar.

Speaking during an Islamic conference in Malaysia, Hassan Rouhani said the Muslim countries need to deepen financial cooperation and suggested “cryptocurrency” can be the solution to fight American economic domination in International trade – in his words “to fight US Hegemony”. However, the most common phenomenon for Iran is that this country has long been the victim of severe economic sanctions by the U.S. that restricts the country’s financial entities make investments outside of the nation since USD is the most commonly used currency in international transactions.

That being said, the country’s leader finds cryptocurrency as the viable solution to circumvent the U.S. sanctions which according to Iran’s president U.S has viewed economic sanctions as the “main tools of domineering hegemony and bullying” of other countries. As per Rouhani, cryptocurrency for Muslim countries is aimed to protect “themselves from the domination of the United States dollar and the American financial regime”.

The summit also witnessed the presence of leaders from various countries including Qatar, Malaysia, and Turkey. And noticeably, Mahathir Bin Mohamad who is the Prime Minister of Malaysia expressed his positive belief and said;

“It looks like sometimes when we use the US dollar, there are sanctions that can curb economic development. We can use our own currencies or have a common currency.”

On the other hand, Turkey’s President Recep Tayyip Erdogan laid emphasizes on the Islamic financing and suggested “creating a working group to detail the matter”.

Interestingly, few reports such as a survey from Gate Trade describe crypto as the “most popular investments among Iranians”. It was also mentioned that the Iranians have earned $500 to $3000 by mining whereas 58 percent earned via trading. More so, other Iranians are reportedly long-term bitcoin holders, as per the survey.

Image Source – Flickr

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