• 2 hours COVID-19 Could Be The End Of U.S. Coal
  • 18 hours How Much Does Your Social Security Number Cost? $4 On The Dark Web
  • 2 days Silver Stocks Have Been Decimated In The Coronavirus Sell-Off
  • 3 days How Blockchain Tech Could Make Mergers And Acquisitions More Efficient
  • 3 days America’s Shortage Of This Metal Keeps Trump Up At Night
  • 4 days Bidet Bonanza: Defying The Toilet Paper Shortage
  • 4 days U.S. Auto Sales Fall By 75%
  • 5 days Violating Quarantine? Big Brother Is Watching
  • 5 days Does Gold Still Have Some Room To Run?
  • 5 days Major Acquisition Gives The World’s First Green Ride-Share Another Edge
  • 6 days U.S. Pushes For Digital Currency For Immediate Stimulus
  • 6 days The Impossible Challenges Created By Growing Population
  • 6 days Gold Skyrockets After Fed Pledges "Unlimited" Cash To Boost Economy
  • 7 days World’s Richest Lose $1 Trillion In Stock Market Rout
  • 7 days Gas Stations Shut Down In Venezuela As Coronavirus Crisis Intensifies
  • 7 days The Best And Worse Case Scenario For The U.S. Stock Market
  • 8 days 3 Industries Soaring During The Coronavirus Crisis
  • 8 days The Key To Commercial Hydrogen
  • 9 days Gold Still Beating Much Of The Market Despite Sell-Off
  • 9 days Gold Miners Struggle With COVID-19 Fallout
Are Blockchain Stocks Poised For A Comeback?

Are Blockchain Stocks Poised For A Comeback?

Blockchain stocks came crashing down…

China's Boldest Move Yet To Ditch The U.S. Dollar

China's Boldest Move Yet To Ditch The U.S. Dollar

It appears that China's blockade…

U.S. Pushes For Digital Currency For Immediate Stimulus

U.S. Pushes For Digital Currency For Immediate Stimulus

The world’s governments are rushing…

  1. Home
  2. Cryptocurrencies
  3. Other

Iran Looks To Launch Its Own Cryptocurrency

Cryptocurrency

Iran’s President has proposed to create a Muslim cryptocurrency as one of a number of means to confront the economic dominance of the United States.

Speaking at an Islamic conference in Malaysia on Dec. 19, Iranian President Hassan Rouhani called Muslim nations to strengthen financial and trade cooperation and to cut their reliance on U.S. dollar, according to a report by The Associated Press (AP).

New Muslim cryptocurrency to confront “U.S. economic hegemony”

As Rouhani argued that U.S. economic sanctions are the “main tools of domineering hegemony and bullying” of other nations. Rouhani put forward the establishment of a special banking and financial system among Muslim nations that use local currencies for trade. Local reports confirm that Rouhani proposed the creation of a cryptocurrency as part of the effort.

As reported by the AP, Rouhani said:

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

Malaysia supports Iranian President’s idea to create an alternative to the U.S. dollar

The conference was also attended by leaders of major Muslim countries including Turkey, Qatar and host Malaysia, while Saudi Arabia and Pakistan withdrew from the conference.

The idea of the Iranian President has reportedly met with support from Malaysia alone to date, as the country’s Prime Minister, Mahathir Mohamad, endorsed the initiative, as reported by local publication Free Malaysia Today. The official noted that this was the first time that Iran and Turkey are considering the opportunity of creating an alternative to the U.S. dollar. He said:Top of Form

“We can use our own currencies or have a common currency.”

Meanwhile, Turkish President Recep Tayyip Erdogan apparently criticized the Organisation of Islamic Cooperation, arguing that the platform that connects the Muslim world together demonstrated a “lack of implementation.” Erdogan also outlined that Muslim countries needed to focus on Islamic financing, suggesting the establishment of a special working group.

Other countries trying to bypass U.S. sanctions with crypto

A number of global jurisdictions have been considering the creation of a cryptocurrency to dodge sanctions by the U.S. to date. As reported by Cointelegraph in late September, authorities in North Korea announced their intention to issue a digital currency, with experts believing that the initiative aims to help the country to bypass sanctions by the U.S..

Meanwhile, Venezuela is apparently one of the most popular examples of countries trying to circumvent U.S. sanctions using their own crypto. Launched in February 2018, the Petro became the world’s first national oil-baked cryptocurrency.

By Zerohedge via Cointelegraph.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment