Islamic Leaders Aim to Create a Single Cryptocurrency for Muslim States

As reported earlier this month, Russia and Iran have formed an agreement to develop a blockchain and cryptocurrency for the Persian nation in an effort to bypass US sanctions. One of the main catalyst that sparked the initiative was due to the US removing Iran from the list of countries that can access the global cross-border transaction platform, SWIFT. In response, the Islamic-based International Business Forum (IBF) has set out to create a single digital asset for all Muslim nations.

The chairman of the IBF  lobby group, Erol Yararz, expressed his outrage at the US dollars ability to control sovereign nations.

He stated that :

“The dollar has evolved into a “sanctioning tool, ” and it has lost its purpose as an international trading currency. A single cryptocurrency for Muslim nations will be designed primarily to undermine and challenge America’s established hegemony in the global financial system”

Adding to his challenge against America’s sanctions, he focused on the need for the single Muslim cryptocurrency to create a fairer and healthier trade environment.

He stated:

“In IBF this year we will discuss the term ‘monetary pluralism’ to create a fairer and healthier trade environment. We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue,”

According to a recent report, Iran has completed the final stages of developing it’s national crypto.