The Prime Minister of Malaysia supports the idea of creating a digital currency to help them in their shops.
During an Islamic conference recently held in Malaysia, the President of Iran, Hassan Rouhani, presented a proposal that would support the idea of creating a cryptocurrency. This digital asset would serve as a method to improve trade between Muslim countries so that they can avoid using the US dollar for all the transactions.
The news of this initiative presented by the President of Iran was published by the Associated Press (AP) news agency, which was also responsible for taking the statements of Rouhani, who said it is imperative to design ways in which they can “save themselves from the domination of the United States dollar and the financial regime of America”.
Rouhani also raised his voice to say that it is necessary for Muslim countries to take unification initiatives in order to achieve not only financial and commercial, but also social emancipation from the United States.
As it is well known, since 1979 the United States would have imposed a set of economic sanctions directed specifically at commercial, military and scientific sectors of Muslim countries such as Iran.
Thus, Rouhani replied that his country has taken these measures of economic asphyxiation as the “main tool for the dominance of hegemony and as bullying” aimed at other countries that are not consistent with US policies.
Positive Reactions to the Proposal
The conference covered a large part of the Middle Eastern countries and was attended by other state representatives from Muslim countries such as Qatar, Malaysia and Turkey. In this way, Mahathir bin Mohamad, who is the Prime Minister of Malaysia, was right with the approval of his Iranian counterpart sharing his thoughts on the proposal that would help improve his trade agreements using cryptocurrencies.
“It seems that sometimes, when we use the United States dollar, there are sanctions that can delay economic development. We can use our own currencies or have a common currency”, he added.
In the same way, Recep Tayyip Erdogan, who is the President of Turkey, supported Rouhani’s idea, but he decided to emphasize that Muslim countries should think much more about Islamic financing, thus being a way to boost each other and avoid less the interference of governments of other hemispheres.
In addition, Erdogan added that the birth of a special working group which helps concentrate efforts and polish details that support a correct implementation of the measures would be positive.
On the other hand, and as a similar proposal, last November, a group of emerging countries made up of Brazil, China, South Africa, India and Russia, would have supported the idea of creating a cryptocurrency to help them carry out the payment transactions and fund solvencies among which their economies.
Hence, the CEO of Russian Direct Investment Fund, Kirill Dmitriec, said that the use of the US dollar between its agreements would have fallen by up to 92% and 50 % between a period of time of about five years.
By María Rodríguez