Iran Proposes Blockchain-Based Regional Cryptocurrency at SCO Summit

The 24th meeting of the Council of Prime Ministers of the Shanghai Cooperation Organization (SCO) was held today. Iran's First Vice President attended the meeting and emphasized the importance of strengthening financial cooperation among member states. He proposed creating a shared cryptocurrency based on blockchain and artificial intelligence technologies.

Proposal for a Blockchain-Based Cryptocurrency

Mohammad Reza Aref, Iran's First Vice President, addressed the limited session of the summit, attended by prime ministers, government leaders, and senior representatives from SCO member countries. He stated, "To develop modern and secure financial platforms for the organization, it is proposed to design a shared cryptocurrency based on blockchain and artificial intelligence technology."

Aref explained that implementing this proposal could facilitate economic exchanges among members while enhancing trust and transparency. He added, "Such a mechanism can play a significant role in strengthening regional convergence and achieving the sustainable development goals of the Shanghai Cooperation Organization."

Call for Regional Financial Systems

The First Vice President highlighted the need for member cooperation in introducing a new, efficient interbank messaging mechanism. He stated, "The rapid changes in the global economy show more than ever the need to create independent and regional financial mechanisms. One of the tools of Western pressure against independent countries is the misuse of international financial and banking systems."

He emphasized that the SCO has reached a critical stage where practical steps must be taken to establish an independent financial and banking system.

Iran's Readiness for Collaboration

Aref declared Iran's readiness to cooperate on connecting banking systems, developing fintech solutions, and facilitating financial and credit exchanges among SCO members. He also proposed creating shared communication network infrastructures and new technologies through a joint ICT laboratory. According to him, such efforts could enhance scientific, research, commercial, and financial service capacities among member nations.