Iran proposes cryptocurrency for Muslim nations

Iranian President Hassan Rouhani (right) says Muslim countries should cooperate to train young Muslims in fields such as nanotechnology. With him are Dr Mahathir Mohamad and Turkey’s President Recep Tayyip Erdogan.

KUALA LUMPUR: Iran proposed an alternative currency for use in trade while Turkey proposed that focus be given to Islamic financing and technology within Muslim countries in the first round-table discussion at the KL Summit 2019 here.

Iran’s President Hassan Rouhani proposed that a cryptocurrency be introduced for use among Muslim countries.

His proposal for an alternative currency is not the first. In 2002, Malaysia had pressed for the use of the gold dinar for trade among Muslim nations.

“We can also consider joint venture investments to support start-ups in technology,” Rouhani said

He added that Muslim countries should cooperate to train young Muslims in fields such as nanotechnology.

He also said Muslim countries should look at improving their status as nations that could triumph over anything.

Meanwhile, Turkey’s President Recep Tayyip Erdogan said Muslim countries needed to focus on Islamic financing, adding that a working group could be set up to work out the details.

Erdogan said there was a need to pay greater attention to technology and innovation, too, adding that Turkey produced some of the world’s best combat drones.

During the question-and-answer session later, a participant said although there had been dialogues and proposals in the past to unite and work together, most of these had not materialised.

Mahathir replied that several concrete bilateral agreements would be made in the fields of education, science and businesses, adding: “This will contribute to closer cooperation between those attending this meeting.”

Beyond that, Mahathir said the summit was being held to listen to and look at ways to implement good governance and achieve stability among Muslim countries.

“No doubt, without stability, there can be no development. We must develop our countries so that we have strong economies,” he said.