Home Cryptocurrency News Iran Moots Common Cryptocurrency for Muslim Nations At Kuala Lumpur 2019 Summit

Iran Moots Common Cryptocurrency for Muslim Nations At Kuala Lumpur 2019 Summit

At the on-going 2019 Kuala Lumpur Summit in Malaysia, Iranian President Hassan Rouhani called for the creation of a common cryptocurrency for Muslim countries. He also proposed that Muslim countries should enter into joint ventures to provide training in the latest technologies to their citizens and to invest in promising start-ups.

Iran has been put under severe economic sanctions by the US government under President Trump. It is looking at adopting cryptocurrency to escape the sanctions regime under which only eight countries in the world are allowed to trade with. The sanctions have severely affected its banking facilities. In February, it launched its gold-backed stablecoin Peyman.

A common cryptocurrency, even if only among the Muslim countries, will go a long way in allowing Iran to interact with outside economies despite the sanctions. It should be noted that Venezuela launched its cryptocurrency to escape US sanctions.

Iran’s proposal for common cryptocurrency would create an alternative to the dollar, which dominates international payments.

Apart from Rouhani, Turkish President Recep Tayyip Erdogan also put forward proposals for greater cooperation among Muslim countries. He stressed the importance of growth and development of Islamic Banking and suggested that a Working Group should be set up to study his proposal.

Erdogan also agreed with Rouhani that Islamic countries should invest in technology and innovation. He pointed out that drones developed by Turkey are considered to be the best in the world.

Replying to a question, Malaysian Prime Minister Mahathir Mohammad said that the summit would lead to concrete agreements among the participating countries in the fields of education, science, and business. He also emphasized that there could be no development without stability.

David Pender
David Pender
David is a journalist interested in writing news-stories regarding forex. He has been in forex industry since 2014. he recently, joined our team as a news writer. He studied mass communication and has 7+ years of experience. He is an avid trader. He can be reached by email: david@forexnews.world.

Must Read

Following The Success Of Covesting’s First Five-Star Trader

Weeks ago, a challenge was put out amongst the trading community: try to become the first five-star Covesting trader. At the time, the feat...

THINK OF AD WORLD: THINK OF GLADIO.COM

From how to look, what to wear, what to eat, what to drive, almost everything in our lives is taken care of. That is...

Coinitix Makes it Possible for Users to Buy Bitcoin Using Credit Cards

People interested in investing in cryptocurrencies always felt a void when using credit cards to buy Bitcoins through a secure exchange. But now, things...

Export Retention Standardized for All Sectors by RBZ

The Reserve Bank of Zimbabwe announced on August 21 that it had set the threshold for foreign currency retention at 70% for all exporters....

Bitmax confirms that COTI is available for Fiat purchase

COTI is the 1st blockchain protocol in the world that has been optimized for decentralized payments. It has been specifically designed to be used...