KUALA LUMPUR: Iranian President Hassan Rouhani says that the Muslim world needs to develop its own cryptocurrency amid to fight “US Hegemony” and minimize the world’s reliance on the dollar, AP reported.

On Thursday, at a four-day conference, dubbed the Kuala Lumpur Summit, Rouhani urged Muslim states to fight US economic domination in international trade.

“The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime,” Iranian Supreme Leader expressed his ruthless attitude towards the US.

Keeping the track record of Iranian struggle against US dominancy, the recent statement of Iranian President is more than just a series of statements to embrace digital coins aka cryptocurrency. Nonetheless, Iran urged the Muslim world to create their own cryptocurrency challenging US Dollar, eventually reducing the impact of US on the world’s economy.

Meanwhile, we also see the rest of the Muslim states applauding the idea, as cryptocurrencies are already so popular with the citizens of Malaysia and Turkey — major forces at Kuala Lumpur Summit.

The assertion is observed right after a gigantic layer of violent protests amid a hike in petroleum prices following Washington sanctions on Iran.

Tun Dr. Mahathir Mohamad — the host of the summit- has welcomed the proposal of developing a unified Muslim Cryptocurrency. The Malaysian Prime Minister mentioned that earlier he had also proposed a unified currency for Muslim nations, however, he could not implement it following the sanctions imposed by superpowers.

Iran’s President Hassan Rouhani’s endorsement would turn Mahathir Mohamad’s previous dream of unified Islamic Dinar true in the form of a digital coin.

“With blockchain technology, we would be able to introduce a united cryptocurrency to Muslim states with the cooperation of our central banks,” Rouhani said. “The cryptocurrency would cut through bureaucratic impact and market fluctuations as well,” he added.

Rouhani also urged Muslim nations to give trade privileges to each other strengthening linkages. He also proposed to find a joint fund financing technological cooperation among Islamic World that would also establish a research center for AI, cyberspace and other emerging technologies.

The conference reflects that the Muslim world has a soft corner towards emerging FinTech solutions and is looking forward to developing their own cryptocurrency for enhanced trading and economy. Making approximately 25% of the total world population, it will ultimately bring value to cryptocurrencies.

The re-echo of unified Islamic Dinar, points towards a glorious future of DNC. This time, not only Prime Minister Mahatir Muhammad, but major Islamic powers are also planning to adopt one-cryptocurrency for trading. The summit would prove a tool towards a mass adoption of cryptocurrency in Islamic states at official level.