'Cryptocurrency can be used among Islamic countries'

By Ali Atar

ISTANBUL (AA) - A common cryptocurrency system should be formed for use among Islamic states, said Erol Yarar, chairman of the International Business Forum (IBF).

"The U.S. dollar is beyond a common currency, it has become a sanctioning tool," Yarar told Anadolu Agency.

He stated that the U.S. keeps down money transfers, imposes sanctions on the international market, and causes crises in countries by using the dollar.

"In IBF, this year, we will discuss the term 'monetary pluralism' to create a fairer and healthier trade environment," he said.

In this frame, the IBF will discuss using blockchain technology and cryptocurrencies for financial technologies, he added.

Yarar noted: "We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue."

The common cryptocurrency can be used for pricing of goods by business-people, exchange markets, and countries, he said.

Cryptocurrencies use the blockchain technology to record transactions -- any movement of money, goods or secure data -- like a traditional ledger.

He also stressed a fund like IMF needs to be established among Islamic countries.

The fund, based on non-interest finance principles, will help countries facing an economic crisis, he added.

The fund's name can be 'international Islamic cooperation fund', he said.

The 22nd International Business Forum (IBF) Congress will take place on Nov. 20. The 17th Independent Industrialists and Businessmen Association (MUSIAD) Expo will be held between Nov. 21-24 in Istanbul.

The IBF, established in 1995, provides a trustworthy global business network, especially for Muslim business-people.

*Gokhan Ergocun contributed to this story from Istanbul.