During the international business forum, the Islamic business group announced that it was considering creating a single cryptocurrency for all Muslim countries. This move will challenge the dominance of the US and the US dollar.
The embargo imposed by the United States has had a strong impact on the Iranian economy; moreover, the country has recently been excluded from the SWIFT banking protocol. As a result, the country lost the ability to make international bank transfers, which caused "greater damage" to the country's economy.
The situation with Iran was discussed at the International Business Forum (IBF) with the participation of the Muslim business group. Recently, its chairman Erol Yarts made several statements that the dollar has lost the role of the international trading currency, becoming a “tool of sanctions”.
According to him, the presence of a single cryptocurrency for all Muslim countries can "undermine the existing hegemony of the States in the global financial system."
“This year we will discuss the term“ monetary pluralism ”at IBF to create a fairer and healthier trading environment ,” he said.
Continuing his speech, Yartz added :
"We will create a cryptocurrency system that will be used for international trade between Islamic countries."
The practice of using the US dollar to "punish" countries that do not comply with US guidelines was first used after the end of World War II.
The newly created state cryptocurrency of Iran was created not only for international trade, but also for economic "education".
