The president of the country proposed the creation of a Muslim cryptocurrency as one of many ways to oppose the economic dominance of the United States.

Speaking at an Islamic environment conference in Malaysia on December 19, Iranian President Hassan Rouhani called on Muslim nations to strengthen financial and trade cooperation and to reduce dependence on the US dollar, according to a report from The Associated Press (AP).

Iran with cryptocurrency
The new Muslim cryptocurrency is intended to be used to confront "American economic hegemony." As Rouhani argued, US economic sanctions are "the main tools for dominating hegemony and intimidation" of other nations. The politician has now proposed to establish a special banking and financial system among Muslim nations that use local currencies to trade. Local reports confirm that Rouhani proposed creating a cryptocurrency as part of this activity.

As reported by AP, Rouhani said:

"The Muslim world should develop measures to protect itself against the dominance of the US dollar and the US financial regime."

Leaders of major Muslim countries also took part in the conference.

Malaysia supports the idea
The idea of ​​the Iranian president has reportedly met with support from Malaysia so far, the country's prime minister Mahathir Mohamad himself supported the initiative, as reported by the local publication Free Malaysia Today. The official noted that for the first time Iran and Turkey are considering the possibility of creating an alternative to the US dollar. He said:

"We can use our own currencies or have a common currency."

Meanwhile, Turkish President Recep Tayyip Erdogan has apparently criticized the Islamic Cooperation Organization. Erdogan emphasized that Muslim countries must focus on "Islamic financing", suggesting the creation of a special working group to deal with this topic.

Other countries are trying to bypass US sanctions using cryptocurrencies
A number of other countries are considering creating cryptocurrency to avoid US sanctions. At the end of September, authorities in North Korea announced their intention to release a digital currency, and experts believe the initiative is expected to help the country bypass the sanctions that affect it from the US.

Meanwhile, Venezuela is apparently one of the most popular examples of countries trying to circumvent US sanctions using their own cryptocurrency. Launched in February 2018, Petro has become the world's first national cryptocurrency, behind which the state stands.