At the summit, Muslim countries, leaders including Malaysia, Turkey, Qatar and Indonesia, endorsed the Iranian president’s proposal to create a Muslim cryptocurrency to reduce dependence on the US dollar.
The countries participating in the summit with a total population of more than 1 billion people and a total GDP of more than $ 4 trillion are able to create the largest cryptocurrency in terms of capitalization, which will easily bypass Bitcoin in this indicator. An important point is the approval of this decision by Turkish President Erdogan, this is the country with the largest economy in Islamic world.
As you know, both Turkey and Iran have long decided to create state cryptocurrencies. China is also in the final stages of creating crypto yuan. But all these projects will be local. But the cryptocurrency common to the entire Islamic World is a significant event. The potential coverage of a population of more than 1 billion people opens up opportunities for the rapid expansion of Cryptocurrencies as such.
If I were asked how to avoid mistakes when introducing Islamic cryptocurrency, I would advise:
Do not use existing "progressive" blockchains, whether it be Etherrum, EOS and others.
Do not make the blockchain open, like Bitcoin, otherwise everyone who buys this currency will automatically fall under sanctions and surveillance.
For the purpose of expansion and adoption by the market of this crypto, it must be truly decentralized.
This is an advanced version of Monero with POW, smart contracts, and protection against mining ASICs. With the resources of Muslim countries, the project is technically feasible.
And finally, the complete ban on trading this currency on any centralized exchanges. They know how to ride in the hills and lower to the bottom. Honest exchanges should be in all participating countries without derivatives, leverage and MM.
25 years ago, the idea of creating a golden dinar, 100% backed by gold, hovered in the Islamic world, then there was no crypt, color revolutions and neocolonialism in its most impudent 3rd stage.
Now the time has come for such a project. Moreover, it is no longer possible to delay this. Islamic cryptocurrency should be a sobering alternative for Crypto-Euro, which Christine Lagarde spoke about and cryptocurrencies of central banks that will replace cash in the coming years and will be nothing more than a digital collar.
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