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KUALA LUMPUR: Tun Dr Mahathir Mohamad (pic) has welcomed the proposal to use a unified cryptocurrency for the Muslim world.

The Prime Minister said he suggested the idea of a unified currency for Muslim nations a long time ago, but could not implement it due to sanctions by superpowers.

“We can’t always use the US dollar as we see the use of US dollar will make us too dependent on the US, which can impose sanctions against us and will affect our economic growth.

“This is the first time we are hearing this idea coming from Iran and Turkey; if we don’t have the US dollar, we can use our own currency or we can create a common currency if we agree, ” he told a press conference after the roundtable session of the Kuala Lumpur Summit 2019.

Without naming any superpower, Dr Mahathir said his idea to introduce such currency had been thwarted a few times.

“This is because when we use a country’s currency, it will give them strength. Actually if we look at the US, they are already bankrupt because they have debt worth trillion of dollars, and have yet to pay it.

“However, we still think their currency is strong, ” said Dr Mahathir.

Iranian President Hassan Rouhani earlier suggested that Muslim countries could cooperate closer in terms of banking and economy including using cryptocurrencies under a unified currency.

He shared some of Turkish President Recep Tayyip Erdogan’s views, particularly on using national currency instead of the US dollar for trade among Muslim countries.

“With new blockchain technology, we would be able to introduce a united cryptocurrency to Muslim states with the cooperation of our central banks.

“In the past, Dr Mahathir had wanted to introduce the Islamic dinar. With such technology underway, we can set up a new currency for the Muslim world. The benefit of cryptocurrency is that it can cut through bureaucratic and market fluctuations, ” said Hassan.

He added that utilising cryptocurrency or unified currency for trade among

Muslim nations would allow these countries move away from over-reliance on the US dollar.

Some 450 delegates comprising of leaders, intellectuals, politicians and non-governmental organisations from 56 countries are attending the four-day summit amid criticism from the Organisation of Islamic Cooperation (OIC) for undermining the Saudi-based global body representing Muslim nations and organisations.

The idea for Islamic dinar was mooted by Dr Mahathir after the 1997 Asian financial crisis.

Meanwhile, Erdogan said such conferences were not only important for discussing issues faced by the Islamic community but to find solutions.

Some areas that Muslim countries could look into to broaden partnerships include banking, finance, technology and education, he said.

He presented some suggestions for ramping up collaboration between Muslim countries, such as increasing academic exchanges between students and conducting bilateral trade in their own currencies instead of relying on foreign currencies.

Islamic finance, he added, should be prioritised and expanded as there was great potential in such financial systems.

Source
I think this is a step towards full acceptance although it is still based on the  unified crypto currency for Muslims but still, he is a believer in cryptocurrency regardless and what super powers do you think he is referring to. I like the fact of this acceptance but the news still begs for questions, what do you think?

Someone has already tried to make an Islam coin before but I didn't hear from it again. I just don't see the point of just making it all about religion. "Hey you are Muslim, therefore you have to use this".

Now, if any of these countries create a usable crypto and it became a standard in Muslim countries, then that's a different matter. Considering the state of the "Muslim world" I'm expecting at least 2 competing cryptos.

Mahathir Mohamad is one of the greatest leader alive. Hope he'd be able to rejuvenate the economy of malaysia and bring it in competition with the largest economies of the world. Crypto would certainly be a  way forward. Legalizing crypto would bring new investments to the country.

Everyone using fiat money,so crypto currencies also should be common to anyone which shouldn't be controlled so making a separate currency for Muslims is like discriminating others and I will never support this.But this talk may bring some attention about cryptos in their country and helps people to research more about it.

I think the Prime Minister of Malaysia did well by welcoming Dr M cryptocurrency so that crypto would spread throughout the world and increase its investment. The economic condition of the country will improve further and everyone's view of crypto will change This will not discriminate against working in crypto.

everybody welcomes cryptocurrency especially to market his cryptocurrency. the question is, who is going to be the individual that controlls that cryptocurrency.

it will however be even for muslims very very difficult to unify themselves without violence on a standardised islam coin.

regards

He's welcomed the proposal of this idea. That doesn't really mean anything unless there are real plans towards implementation and we all see this being put into action. News stories don't mean anything. Real action does.

Plus -- it's not like he's doing this to be able to help his people into not being under the control of their government. He just wants to shift the control of his country (and the rest of the middle east) from being controlled by US sanctions from being controlled by the Islamic nations who'd be controlling this currency.

Defineatly... It will be great start in crypto world...

Good Luck getting Muslim world to agree on anything, let alone a unified crypto coin  ::)
I am not being cheeky, just looking at history.

God Bless,
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Dr Mahathir Mohamad is a smart man who always makes wise moves even in the age of 94. He has vision and can foresee what is good for his country thats why he is welcoming the cryptocurrency revolution.

how could this be a good thing? it would only cause them to associate bitcoin with terrorism. sorry to all Muslims who have good hearts, my comment is not directed to Muslims who have good hearts... It is necessary to make sure that people do not use religion to harm other people and unfortunately any crypto that is created for the use of Muslims will be used by terrorists to harm people and with that governments will put tough laws against all crypto