Iranian President Hassan Rouhani has proposed creating a cryptocurrency for use in trade between Muslim countries as an alternative to the US dollar.

President Rouhani put forward this proposal at a summit in Malaysia on Thursday.

according to what I mentioned it Associated Press: Rouhani believes that the Muslim world should design measures to save themselves from the dominance of the dollar and the US financial system.

For your information, the United States of America has imposed many economic, commercial, scientific and military sanctions against Iran since 1979.

Rouhani said:

The United States has used economic sanctions as the main tools of domination and tyranny in other countries.

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The summit was attended by leaders of several countries, including Turkey, Qatar and Malaysia.

Malaysian Prime Minister Mahathir bin Mohamad agreed to Rouhani’s proposal, saying:

It seems sometimes when we use the US dollar, there are sanctions that can limit economic development.

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

On the other hand, Turkish President Recep Tayyip Erdogan said:

The Islamic countries should focus on Islamic finance and it was also suggested that joint working groups be established to work out the details.

Last month, the BRICS group, a group of five major emerging countries, proposed:

Brazil, Russia, India, China and South Africa.

Create a cryptocurrency to settle payment transactions between these countries.

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Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said at the time:

The share of the US dollar in foreign trade has fallen from 92% to 50% in the past five years.

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