In its fight against US economic dominance, President of Iran, Hassan Rouhani, proposed an Islamic digital financial currency trading, especially for Muslim countries. The call was made public at an Islamic conference held in Malaysia on 19 December. President Hassan Rouhani urged the Muslim nations to reinforce and boost their financial and trade assets in the battle of Muslim nations against U.S economic hegemony.
Islamic Cryptocurrency in Making?
At the opening ceremony of the three-day conference, President Hassan Rouhani encouraged the idea of a separate financial and banking system among Muslim nations to rid themselves of the dominance of the US dollar. He urged the use of local currencies for trade and privileges catered specifically to Islamic nations.
Rouhani also asserted the collective need of Muslim nations to come together in solidarity and confidence to tackle the growing concerns of poverty, poor governance, and corruption which was paving way for increasing American interference in war-torn nations like Syria, Yemen, and Afghanistan.
Although the proposal received approval from some, President of Turkey, Recep Tayyip Erdogan expressed his disapproval stating that the platform that would bring about the unification of Muslim nations lacked fundamental implementation and planning. He also highlighted the need of Islamic nations to stress on addressing the key causes of financial disturbances and exploitation of resources.
The conference saw in attendance leaders from Turkey, Qatar and host country Malaysia with the exclusion of Saudi Arabia as the conference parted ways with the Saudi based Organization of Islamic Cooperation.
Cryptocurrency Mining Block
President Hassan Rouhani’s call for a Muslim cryptocurrency comes after Iran’s escalating tensions with the United States of America. The US Congress recently called for an imposed ban on the country’s cryptocurrency mining. The ministry of Iran along with the country’s central bank is working together to lift the block on cryptocurrency usage in the country.