Iranian President Rouhani has said he and Turkey’s President Tayyip Erdogan talked about how it could be better to trade in their own currencies rather than the USD.
We have to free bilateral trade from foreign exchange pressure
Instead of doing trade with foreign currency we would like to do foreign trade with our national currencies
Rouhani then proposed the creation of a Muslim cryptocurrency as one of they ways to resist the economic pressures and dominance of the United States. He said that a cryptocurrency could be used as a common denomination for Muslim countries for goods and services.
He then spoke about the Malaysian Prime Minister Mahathir Mohamad who had previous proposal to use gold or dinar as an alternative currency.
Prime Minister Mahathir Mohamad said “With the existence of blockchain technology, we can introduce a common cryptocurrency with the cooperation of central banks,”. He then went on to say “Perhaps with this new technology, we can create a new currency and promote this new technology in the Muslim world,”.
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