Iran Wants to Create Crypto to Confront 'Economic Hegemony' of US

Iran's President has proposed to create a Muslim cryptocurrency as one of a number of means to confront the economic dominance of the United States.

Speaking at an Islamic conference in Malaysia on Dec. 19, Iranian President Hassan Rouhani called Muslim nations to strengthen financial and trade cooperation and to cut their reliance on U.S. dollar, according to a report by The Associated Press.

New Muslim cryptocurrency to confront "U.S. economic hegemony".

As Rouhani argued that U.S. economic sanctions are the "Main tools of domineering hegemony and bullying" of other nations.

Malaysia supports Iranian President's idea to create an alternative to the U.S. dollar.

The official noted that this was the first time that Iran and Turkey are considering the opportunity of creating an alternative to the U.S. dollar.

Turkish President Recep Tayyip Erdogan apparently criticized the Organisation of Islamic Cooperation, arguing that the platform that connects the Muslim world together demonstrated a "Lack of implementation." Erdogan also outlined that Muslim countries needed to focus on Islamic financing, suggesting the establishment of a special working group.

Other countries trying to bypass U.S. sanctions with crypto.

A number of global jurisdictions have been considering the creation of a cryptocurrency to dodge sanctions by the U.S. to date.

As reported by Cointelegraph in late September, authorities in North Korea announced their intention to issue a digital currency, with experts believing that the initiative aims to help the country to bypass sanctions by the U.S. Meanwhile, Venezuela is apparently one of the most popular examples of countries trying to circumvent U.S. sanctions using their own crypto.