Iran Proposes Joint Cryptocurrency for SCO Member States

Iran’s First Vice President Mohammad-Reza Aref has proposed the creation of a common cryptocurrency to strengthen economic cooperation among the 10 member states of the Shanghai Cooperation Organization (SCO).

Speaking at the 24th SCO Heads of Government (Prime Ministers) Summit in Moscow on Tuesday, Aref emphasized that implementing this cryptocurrency could streamline economic exchanges, boost trust, and increase transparency among SCO members, thereby fostering regional integration and supporting sustainable development goals, The Caspian Post reports, citing Iranian media.

He also urged member states to cooperate on establishing more efficient interbank messaging mechanisms.

Highlighting the need for an independent financial system, Aref noted that the rapid changes in the global economy necessitate regional financial frameworks to counteract Western pressures that exploit international banking systems.

He expressed full support for establishing the SCO Development Bank to fund infrastructure projects and reduce reliance on unfair global financial systems.

Aref also called for the acceleration of Iran's bank membership in the SCO Interbank Consortium, which could become a cornerstone for financing joint projects.

He reiterated Iran's readiness to enhance fintech collaborations and facilitate financial transactions among member countries.

Aref concluded that Iran is ready to propose the creation of a Parliamentary Assembly of SCO Member States to strengthen ties and support the adoption of necessary legislative measures for economic cooperation.