Malaysian PM agrees with Iran’s cryptocurrency proposal for Muslim nations

“We are hearing this for the first time — that Iran and Turkey are of the opinion that we should use an alternative to the US dollar,” Free Malaysia Today quoted him as saying while speaking to reporters after a round-table discussion involving him, Turkey’s President Recep Tayyib Erdogan, Iran’s President Hassan Rouhani and participants from other Muslim countries at the KL Summit 2019.

“We can use our own currencies or have a common currency,” he said.

“It looks like sometimes when we use the US dollar, there are sanctions that can curb economic development,” he added.

He said he had proposed an alternative to the US dollar for trade a long time ago and efforts were taken in that direction but there was a reaction from the world powers.

“Their reaction was to stop us from using any other currency because using a country’s currency gives power to that country,” he added.

In May 2018, the US withdrew from the Iran nuclear deal and re-imposed sanctions on Iran which had been lifted under the agreement.

Earlier, Rouhani had proposed the use of cryptocurrency among Muslim nations as an alternative to the US dollar.

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