Muslim countries around the world are planning to push back against the U.S. dollar’s long global dominance by creating a common digital currency for use in Islamic states. The dollar has evolved into a “sanctioning tool,” charged Erol Yarar, chairman of the Muslim-focused business lobby group International Business Forum (IBF). It has lost its purpose as an international trading currency, he said.
Breaking the Dollar’s Hegemony
Speaking to Turkish news agency Anadolu on Nov. 16, Yarar said a single cryptocurrency for Muslim nations will be designed primarily to undermine and challenge America’s established hegemony in the global financial system.