President of the International Business Forum (IBF), Erol Yarar came forward with the idea of forming a common cryptocurrency among the Islamic States that could be used as a common trading tool during an interview with Anadolu Agency (AA).
Unlike Europe, which is more or less united economically with Euro, Islamic Countries are not united so far and every country is using their own fiat. However, forming a common cryptocurrency for international trade and cross-border payments might be the roof they can unite under.
Erol Yarar will be a key speaker at the upcoming IBF Congress on November 20 as a part of 17th Independent Industrialists and Businessmen Association (MUSIAD) EXPO.
He noted that at the IBF event he will propose this idea for the agenda. According to Yarar, USD is not a currency anymore but a tool for sanctioning. He believes that the U.S. controls all the fund transfers and uses Dollar to sanction international markets, as well as to create crises in countries.
This year at the IBF, 'monetary pluralism' will be discussed in order to bring fairness to the trade environment.
In this perspective, the financial applications of blockchain and cryptocurrencies will be debated.
“In IBF we will propose to form a common cryptocurrency system among the Islamic Countries for trading. For Islamic Countries, a cryptocurrency or a blockchain system can be formed which will be used by exchanges, businessmen and nations. This can be used as the main currency for pricing trade goods,” Yarar said.
Erol Yarar also stressed that among the Islamic countries, a fund similar to the IMF is needed. He also underlined that such a fund must operate under Islamic Finance laws. Yarar considers that this fund can help Islamic countries, which are in an economic crisis.
He even suggested a name for the proposed fund: 'International Islamic Cooperation Fund.'
The 22nd International Business Forum (IBF) Congress will take place on November 20.
The Program of the IBF has 'Pluralism And Justice In The World Monetary System' as the main topic and two sessions 'Designing a fair and just international monetary system' and 'Understanding Blockchain System and its importance for International Trade and Monetary System' respectively.
The 17th Independent Industrialists and Businessmen Association (MUSIAD) Expo will be held between Novembers 21-24 in Istanbul. The IBF, established in 1995, provides a trustworthy global business network, especially for Muslim business-people.
As the idea to create a single cryptocurrency to unite all the Muslim countries remains to be the idea at its very beginning, the crypto sphere of Islamic finance is attracting more and more investors and developers. The new coins claiming themselves 'halal' are appearing regularly, and even the first 'fully complied with Shariah laws' cryptocurrency exchange is about to see the light soon.
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