FX.co ★ Iran’s President suggests crypto weapon against US

Iran’s President Hassan Rouhani endeavors to save the Muslim world “from the domination of the United States dollar and the American financial regime". The strongman ventures to take the lead in this mission. Notably, Tehran is not discouraged either by the lack of allies in the Middle East or its involvement in several wars and proxy conflicts. Iran confronts even with its neighbor countries. President Hassan Rouhani made a surprise announcement that Islamic countries need a single cryptocurrency as a counter-measure against the heavily-used US dollar. This ambitious project certainly arouses lots of questions among experts. They are sure to discuss the technological aspect, potential demand, confidence among large and retail investors, fields of its application, and eventually the feasibility of this project. Meanwhile, according to Iran’s central bank, digital currencies have been extremely popular assets among Iranian investors. Besides, the government pursues another goal launching this project – to bypass international financial sanctions. “With the existence of blockchain technology, we can introduce a common cryptocurrency with the cooperation of the central banks,” Iran’s President stated at the summit in Kuala Lumpur. “Perhaps with this new technology, we can create a new currency and promote this new technology in the Muslim world,” he added.