There has been plenty of talk regarding central bank digital currencies. In the Muslim world, the discussions are very different compared to the West.
It would appear that leaders from several nations are coming together to discuss the topic of a digital currency.
A Muslim Digital Currency?
Rather than being used in one country, it would be an actual currency for all Muslim countries around the world.
That is a very different narrative compared to what anyone else is exploring in this industry.
By making it a religion-oriented currency, instead of one based on national borders, its chances of success are significantly higher.
Such a currency can provide many advantages, but it also poses significant risks.
This Muslim digital currency would allow countries to bypass US sanctions altogether.
In turn, this would reduce the overall reliance on the US Dollar.
Such a sentiment is not unique these days.
Various countries have expressed their desire to get rid of the US Dollar’s dominant position by whatever means necessary.
How the Muslim world will respond to such a currency, is difficult to predict.
It will need to adhere to very strict standards altogether.
For now, there is not even a proof of concept available to experiment with.