Malaysian Prime Minister Mahathir Mohamad has accepted Iran’s proposal on using cryptocurrency as an alternative to the United States’ dollar.

“We are hearing this for the first time — that Iran and Turkey are of the opinion that we should use an alternative to the U.S. dollar. We can use our own currencies or have a common currency,” Free Malaysia Today quoted Mahathir as saying on Thursday.

“It looks like sometimes when we use the U.S. dollar, there are sanctions that can curb economic development,” the Malaysian prime minister added.

During a speech at the inauguration ceremony of the Kuala Lumpur 2019 Summit on Thursday, President Hassan Rouhani suggested that the Muslim world should take measures to put an end to the domination of the U.S. dollar and financial regime.

NA/PA