*ISLAMABAD – Leaders of the Muslim world have pressed for alternativecurrency for use in trade and seek independence from US Dollar, at theongoing Kuala Lampur Summit 2019.*
“Instead of doing trade using foreign currency, we would like to trade withour own national currencies. Financial markets are fragile to shocks andmanipulation. To avoid this, we should try to create new transactionsystems, said Turkish Presdent Recep Tayyib Erdogan, quoted the* Malay Mail*.
“As trade war is a problem today, issues on trade must take priority. Wehave to make Islamic finance part of our agenda and Malaysia has alreadystarted pioneering the role of having an alternative Islamic finance,” hesaid.
Meanwhile, Iran’s President Hassan Rouhani was of the view that Muslimnations should come up with its own cryptocurrency, saying that Malaysia’sPrime Minister Tun Dr Mahathir Mohamad’s previous dream of utilising theIslamic dinar for trade can come true with the digital coin.
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“With new blockchain technology, we would be able to introduce a unitedcryptocurrency to Muslim states with the cooperation of our central banks.In the past, Dr Mahathir had wanted to introduce the Islamic dinar. Withsuch technology underway, we can set up a new currency for the Muslimworld. The benefit of cryptocurrency is that it can cut throughbureaucratic and market fluctuations,” said Hassan.
He added that utilising cryptocurrency or national currency for trade amongMuslim nations would help attain independence from over-reliance on the USdollar.
