Key Highlights
- Iran proposed a shared cryptocurrency for all SCO member countries. 🪙
- The digital coin aims to make trade faster, transparent, and independent from Western banks. 🦄
- Iran supports creating an SCO Development Bank and improving interbank systems for regional projects. 🧠
Iran has proposed a new plan to create a shared cryptocurrency for all ten members of the Shanghai Cooperation Organization, as reported by IRNA, the official Iranian news agency. Because nothing says “global unity” like a digital coin that’s less likely to be confiscated by grumpy bankers. 🧙♂️
The idea was presented by First Vice President Mohammad-Reza Aref at the SCO Heads of Government Summit in Moscow on Tuesday. He said a common digital coin could make trade easier and help the region move money without delays from global banking restrictions. Because who doesn’t want to avoid the drama of Western banks? 😏
Iran’s SCO cryptocurrency proposal
According to the IRNA report, Aref explained that the cryptocurrency could “streamline economic exchange, boost trust, and increase transparency,” giving SCO nations a faster and more direct way to settle payments. It’s like a magical coin for grown-ups who hate paperwork. ✨
Aref also urged member states to work together on “more efficient interbank messaging mechanisms” that would let the nations communicate and transfer funds through their own systems. Because why trust a global network when you can build your own? 🏗️
The vice president added that Western countries “exploit international banking systems,” creating problems for nations that rely on them. He said regional financial models could balance that power and give SCO members fairer treatment. Because nothing says “fair” like a secret handshake and a blockchain. 🤝
Supporting development and fintech growth
Aref also supported the plan to launch an SCO Development Bank that would fund major infrastructure projects across the region. Because nothing says “sustainable development” like a bank that’s not run by Jeff Bezos. 💸
He called for speeding up Iran’s entry into the SCO Interbank Consortium, which currently funds joint projects across the group. Because who doesn’t want to be part of a financial club with Russia and China? 🇨🇳🇷🇺
Iran further indicated its readiness to grow its fintech partnerships with SCO nations. Officials said they want to make cross-border transactions simpler through new financial technology tools. Because nothing says “simplicity” like a digital wallet that’s also a conspiracy theory. 🧠
The proposal comes at a time when Iran is shifting its view on crypto and digital finance. At a recent blockchain event in Tehran, Speaker of Parliament Mohammad Bagher Ghalibaf said Iran cannot reach its goal of making ten percent of its economy digital “without embracing crypto.” Because who needs stability when you can have a volatile coin? 📈
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2025-11-19 21:20