Islamic business group is looking at having a single crypto

Observer Report

Islamic business group, the International Business Forum is looking at having a single cryptocurrency for all Muslim nations to challenge the US supremacy with the US dollar. Iran’s economy has been impacted heavily by the economic embargo that imposed by the US for quite some time. The recent reinstatement of the sanction has removed the country from SWIFT, the interbank protocol, thus making them lose the capabilities to perform international bank transfers, which will bring “more damage” to the country’s economy. What happened to Iran has drawn the attention of the International Business Forum (IBF), a Muslim-focused business lobby group. The group’s chairman, Erol Yararz recently made some statements related to this, saying that the dollar has lost its purpose as an international trading currency, instead it’s now being used as a “sanctioning tool”.He mentioned the idea of having a single cryptocurrency for all Muslim nations to “undermine and challenge America’s established hegemony in the global financial system”. “In IBF this year we will discuss the term ‘monetary pluralism’ to create a fairer and healthier trade environment,” he said.Continuing his statement, Yararz added.”—Agencies

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