Iran President: We Need a Muslim Cryptocurrency to Fight the US Dollar

Iran President: We Need a Muslim Cryptocurrency to Fight the US Dollar 1

Iranian President Hassan Rouhani says the Muslim world needs its own cryptocurrency to fight American economic domination in international trade and cut reliance on the dollar, AP reported. 

“The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime,” he said at the Kuala Lumpur Summit in Malaysia on Thursday. 

Iran has been hit with severe economic sanctions by the U.S. that limit how the nation’s financial institutions make investments abroad since the dollar is the most common currency in international transactions. 

The Iranian government has been working on expanding the use of cryptocurrencies such as bitcoin to circumvent the U.S. sanctions. 

According to a September survey from Gate Trade, crypto has been one of the most popular investments among Iranians. More than a third of 1,650 Iranian investors surveyed earned from $500 to $3,000 by mining, while 58 percent earned income through trading. 

Most of the bitcoin holders are long-term investors who intend to hold the cryptocurrency for more than one year, according to the survey. 

At the summit, Rouhani also urged Muslim countries to set up a system to encourage trading in local currencies as well as to create preferential trade policies to strengthen linkage, according to the report. 

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,065 0.02 % 2.55 % 4.34 %
Ethereum1,772.7 0.01 % 8.85 % 12.41 %
Tether1.000 0.01 % 0.09 % 0.06 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB302.17 0.25 % 7.84 % 1.78 %
XRP0.4008 1.13 % 1.92 % 4.95 %
Binance USD1.004 0.01 % 0.55 % 0.00 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana42.58 0.89 % 11.41 % 18.63 %
Dogecoin0.07845 0.28 % 5.63 % 9.90 %

bitcoin
Bitcoin (BTC) $ 29,066.00
ethereum
Ethereum (ETH) $ 1,769.29
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 301.94
xrp
XRP (XRP) $ 0.400718
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.471393
solana
Solana (SOL) $ 42.70
dogecoin
Dogecoin (DOGE) $ 0.078736