Kuala Lumpur Summit 2019
Kuala Lumpur Summit 2019, paved the way for a historic decision about creating a unified cryptocurrency exclusively for Muslim countries to reduce their dependence on the US dollar. Malaysian prime minister Mahathir Mohamad jointly proposed this prospect, Iranian President Hassan Rouhani and Turkish President Recep Tayyip Erdogan at the Kuala Lumpur Summit 2019, which started on Wednesday. Leaders from all Muslim dominated countries participated in the summit.
The summit mainly aims at mitigating problems faced by Muslims globally and strategic steps that must be undertaken to ensure they’re well being. The leaders of Muslim countries like Malaysia, Turkey, and Iran gathered at a roundtable conference where the subject of unified cryptocurrency discussed.
Hassan Rouhani, the Iranian president, put forward the idea of an Islamic financial Payment system and the creation of Muslim cryptocurrency. He talked about the importance of improvising the present economic system and trade utilities to fight against the American monetary regime and its domination. And to cope up with the effects of market fluctuation.
The US has recently approved a bill last week to impose sanctions on Turkey after its purchase of an S-400 missile system which they see as a threat to NATO defences. The Turkish Foreign ministry saw this action to be a new manifestation of disrespect to their sovereign principles by US Congress regarding their National Security.
Rouhani also talked about raising concerns about extremism, weak governance system, poverty, and corruption which may lead to the endangering of their sovereignty and involvement of the US in their decision-making process.
Bernama, Malaysian Prime minister, supported the idea of a common currency for Muslim nations and also said about their willingness to collaborate in its creation along with Iran and Turkey in the field of technology as Malaysia is far more advanced compared to other Islamic nations. Also, that Malaysia had thought of this particular idea of unified cryptocurrency. Still, due to interference of big powers on the way of a proposal, they had to abandon the project. This is because the higher the circulation of other currencies around the world, the higher is their strength.