There have been a number of countries and regions within the world that have looked towards developing their own digital currencies such as the Bahamas, China, Canada and so on. While there are many benefits to a country or region having their own sovereign digital currency, there are a number of reasons why these countries have chosen to take this step. In the case of the Bahamas, it was a form of relief in the case of a natural disaster, in the case of Venezuela, it was to combat hyperinflation and in the case of China, it is to secure their dominant position within the world economy.
The president of Iran has proposed that a national Muslim cryptocurrency be issued for the purpose of resisting the economic dominance of the United States.
According to reports, the statement was made during an Islamic conference within the country of Malaysia in which President Hassan Rouhani stated that Muslim countries have to work towards creating their own cryptocurrencies, strengthening their trade alliances and reducing their dependence on the US dollar and the United States by extension.
According to the president, US sanctions are a means of bullying and intimidation of other countries by the United States of America and Muslim countries need to band together and create their cryptocurrency based on local currencies in order to make sure that they are immune to the sort of sanctions which he calls unfair.
“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.
This idea has supposedly been met with praise from the Malaysian president who has endorsed it. The use of cryptocurrency to avoid sanctions is not a new concept as it is believed that North Korea sponsored a state-backed hack group to steal bitcoin in a bid to fund their nuclear weapons project after the United States had imposed sanctions on them. As much as cryptocurrency is often used as a means of creating more economic unity across the globe, it must be acknowledged that it can be used as a tool of economic warfare.