- Muslim nations have been advised to reduce dependency on the US dollar.
- A common cryptocurrency could allow nations to control their growth by setting up an investment fund.
Iran has suggested that Muslim nations should join hands under one cryptocurrency that will see them become more resistant to economic and financial shocks as well as manipulation. Hassan Rouhani, the President of Iran believes that a common digital currency is the way to go to strengthen the ties between Muslim nations.
Speaking at Kuala Lumpur Summit 2019 round-table session on The Priority of Development and The Challenges on Thursday, Rouhani said:
“In the past, Prime Minister Tun Dr Mahathir Mohamad was seeking to introduce the (gold) dinar and today, with new technologies, we would be able to set up a new currency for the Muslim world to benefit and take profit from the advantages of cryptocurrency, and to support innovation, research and development in the technology sector.”
Dr. Mahathir emphasized on the need to reduce dependency on the US dollar. There has been an attempt in the past to united Muslim nations under one currency. However, they have been advised to stick to the US dollar. However, the Prime Minster believes this is the right time, besides Iran and Turkey already support the idea.
The Iranian President added that with a common currency, the Muslim nations could come together to support startups in the region, grow tourism and information technology.
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