The chairman of International Business Forum in Turkey Erol Yarar has expressed the need for a common cryptocurrency for Islamic countries rather than relying on the U.S Dollar as a common currency.
Speaking to a local news agency Anadolu Agency in Istanbul, Yarar said the U.S Dollar is nothing but a sanctioning tool which the U.S Government uses to control money transfers, impose sanctions on international market and fund crises around the world.
Yarar is advocating for a discussion on the way forward to create a cryptocurrency to be used for trade among Islamic countries at The 22nd International Business Forum (IBF) Congress scheduled to take place on 20 November 2018.
“In IBF, this year, we will discuss the term ‘monetary pluralism’ to create a fairer and healthier trade environment.” “We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue,” he added.
The International Business Forum which was created in 1995 has the primary responsibility of providing a reliable platform for international business network, especially among Muslim businessmen.
Most Islamic nations such as Turkey, Pakistan, Afghanistan, and Iraq to mention a few, have been under financial blockade from the United States making it extremely difficult to engage in international trade and exchange of goods and services between these nations and other countries.
With the coming of the blockchain and cryptocurrencies like Ripple (XRP) which facilitate real-time payments across borders, it has become possible for users in these countries to buy and sell online without going through any scrutiny and the technology promises to be more useful than just for buying and selling across borders.
In addition to creating a common cryptocurrency for Islamic nations, Yarar said it would be best if a non-interest fund similar to the International Monetary Fund (IMF) is created for Islamic nations to help countries that may be facing financial crisis.
The IBF congress this year will be holding in Istanbul, Turkey and will be followed by The 17th Independent Industrialists and Businessmen Association (MUSIAD) Expo which will be from 21 to 24 November.
It will be interesting to know the outcome of this all-important congress for the Islamic nations around the world and we look forward to providing you with the details when they are available.