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Islamic business group is looking at having a single crypto for all Muslim nations

18 Nov, 2018
by Fifi Arisandi
News
Islamic business group is looking at having a single crypto for all Muslim nations

Islamic business group, the International Business Forum is looking at having a single cryptocurrency for all Muslim nations to challenge the US supremacy with the US dollar. 

Iran’s economy has been impacted heavily by the economic embargo that imposed by the US for quite some time.  The recent reinstatement of the sanction has removed the country from SWIFT, the interbank protocol, thus making them lose the capabilities to perform international bank transfers, which will bring "more damage" to the country's economy. 

What happened to Iran has drawn the attention of the International Business Forum (IBF), a Muslim-focused business lobby group. The group’s chairman, Erol Yararz recently made some statements related to this, saying that the dollar has lost its purpose as an international trading currency, instead it’s now being used as a “sanctioning tool”.

He mentioned the idea of having a single cryptocurrency for all Muslim nations to “undermine and challenge America’s established hegemony in the global financial system”.

“In IBF this year we will discuss the term ‘monetary pluralism’ to create a fairer and healthier trade environment,” he said.

Continuing his statement, Yararz added, “We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

According to Coindoo, the practice of using the US dollar currency to “punish” countries that doesn’t comply with the US guidelines has been taken place ever since the World War II ended.

As for Iran, in the middle of the sanctions imposed to them, the middle east country is reported to have found their “consolation” through the recently-developed state cryptocurrency, which they hope will bring "enlightenment" to their economy. 

Read more: 

Iran national crypto is ready, awaiting central bank’s approval for issuance

Iran may use crypto to bypass sanctions, says leading government figure

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