Muslim leaders at a summit of several Asian countries proposed creating a Muslim cryptocurrency to cut reliance on the U.S. dollar.
The charge was made by the Iranian president, Hassan Rouhani, as Malaysian Prime Minister, Mahathir Bin Mohamad supported the idea at the “Kuala Lumpur Summit 2019,” a four-day event which started on Wednesday.
Rouhani proposed an Islamic financial payment with Muslim countries trading in local currencies and the creation of a Muslim cryptocurrency.
Another reason for Rouhani’s proposal was to cut reliance on the U.S. dollar and whether the effects of market fluctuation.
Muslim leaders of Malaysia, Turkey, Iran, Qatar and Indonesia were all in attendance at the summit.
The summit had the Malaysian Prime Minister, Iranian President and Turkish President, Recep Tayyip Erdogan talk about the prospect of creating this unified cryptocurrency for Muslim countries.
The need for a unified Muslim cryptocurrency was also pinned on the fact that there was a need to discuss and find new solutions to problems facing the Muslim world.
Another reason was to also improve the wellbeing of Muslims and these islamic countries, in general, the official website of the Prime Minister’s Office of Malaysia explained.
This issue was discussed at a roundtable session on Thursday where the subject of cryptocurrency was the theme.
Rouhani also charged Muslims to deepen financial and trade cooperation to fight U.S. economic hegemony.
“The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime, Rouhani said in his own words.
However, all this happen in the shadows of US sanctioning Iran as Turkey is also to be sanctioned after a senate committee approved a bill to sanction the country.
Rouhani also explained how Western government continue to poke into the affairs of Yemen, Syria, Afghanistan and other Muslim nations.
He blamed this on rising extremism coupled with other challenges such as weak governance, poverty, and corruption which he says endangers the sovereignty of these Muslim countries.
Malaysia embraces unified Muslim crypto idea
In an interview with newsmen after the roundtable session, Malaysian Prime Minister encouraged the idea of a unified cryptocurrency for Muslim countries and said he is open to the development.
Mahathir explained that Malaysia also had intentions of a common currency for Islamic nations a long time ago as big powers stood in the way of its proposal he explained.
“Malaysia had mooted the idea of a common currency for Islamic nations a long time ago, but the big powers had then stood in the way of that proposal, Mahathir said.
Mahathir said this was because whenever the currencies of these big powers are used by others, it gave them added strength.