Iran wants to create a cryptocurrency for Muslim states

Iran wants to create a cryptocurrency for Muslim states

Iran's president Hassan Rouhani. Image source: Shutterstock / Trijo News

Teodor Stig-Matz

Iran's President Hassan Rouhani has proposed a cryptocurrency initiative at a conference for Muslim states.

Who is investing in cryptocurrencies? If you were to ask a person on the street maybe they would answer “a guy with a big computer rig in his mother’s basement”, although statistics show that a large part of everyone who owns cryptocurrencies are women.

Another group that seems to love cryptocurrencies and blockchains is dictators. Trijo News has previously reported on crypto projects in North Korea, China, and Venezuela.

Cryptocurrency for Muslim countries

Now come reports that yet another country with authoritarian rule has fallen in love with cryptocurrencies. This time it’s the Islamic Republic of Iran.

Iranian President Hassan Rouhani recently visited Malaysia for a meeting with the leaders of various Muslim countries. There, he proposed a common cryptocurrency for the world’s Muslim states, Free Malaysia Today reports.

Want to challenge US dominance

The proposed cryptocurrency would be part of a broader effort from the countries attending the conference to challenge US economic dominance.

In addition to Iran and the host country Malaysia, Turkey and Qatar also attended the meeting, while Saudi Arabia and Pakistan where supposed to attend but withdrew, the AP reports.

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