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Muslim Cryptocurrency to Fight the US Dollar, As Per the Iranian President

Updated: Jan 1, 2020

AP recently reported that Hassan Rouhani, Iranian in an interview said that the Muslim nations around the globe need to join hands to build a specific Muslim cryptocurrency. This is in quest to counter the worldwide economic domination of American dollars in terms of international trade.

“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 at the Kuala Lumpur Summit in Malaysia on Thursday.

Iran is one of the many Islamic nations which have been severely affected by the economic sanctions imposed by the United States of America. Since the American dollar dominates international transactions, these countries are dealing with substantial losses each year.

The government of Iranian has been making necessary efforts to increase the number of cryptocurrencies such as Bitcoin to fight against the sanctions of the US.

The latest survey reported by Gate Trade revealed that electronic currency is amongst the most prevalent form of investments amongst the Iranian people. Around 1,6500 of the Iranian investors made a profit between $500 to $3,000 just by doing mining, and 58% from income via trading.

The majority of the holders of Bitcoin currency has invested for the long-term, at least more than one year, as per the above survey.

Rouhani at the summit have motivated the Muslim nations to come together to establish a mechanism to promote cryptocurrency trading, additionally formulating preferential trade policies to further strengthen linkage, the report further said.

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