Speaking at an Islamic conference in Malaysia on Dec. 19, Iranian President Hassan Rouhani called Muslim nations to strengthen financial and trade cooperation and to cut their reliance on U.S. dollar, according to a report by The Associated Press (AP).

New Muslim cryptocurrency to confront "U.S. economic hegemony"

As Rouhani argued that U.S. economic sanctions are the "main tools of domineering hegemony and bullying" of other nations. Rouhani put forward the establishment of a special banking and financial system among Muslim nations that use local currencies for trade. Local reports confirm that Rouhani proposed the creation of a cryptocurrency as part of the effort.

As reported by the AP, Rouhani said:

"The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime."