Serious Dr M dun mind Muslim countries' unified cryptocurrency

[mudhatter]

https://www.thestar.com.my/news/nat...l-to-have-unified-currency-for-muslim-nations


Dr M welcomes proposal to have unified currency for Muslim nations

• NATION
• Thursday, 19 Dec 2019
  7:28 PM MYT
  By RAHIMY RAHIM and CLARISSA CHUNG

KUALA LUMPUR: Tun Dr Mahathir Mohamad has welcomed the proposal to use a unified cryptocurrency for the Muslim world.

The Prime Minister said that he had suggested the idea of a unified currency for Muslim nations a long time ago but could not implement it due to sanctions by super powers.

"We can't always use US dollars, as its use will make us too dependent on the United States which can impose sanctions against us and will affect our economic growth.

"This is the first time we are hearing this idea (use of cryptocurrency) coming from Iran and Turkey.

"If we don't have US dollars, we can use our own currency or we can create a common currency," he told reporters after the roundtable session of the Kuala Lumpur Summit 2019 on Thursday (Dec 19).

Without naming the super powers, Dr Mahathir said that his ideas to introduce such currency had been thwarted a few
times.

"This is because when we use a country's currency, it will give them strength.

"Actually, if we look at the United States, they are already bankrupt, because they have debt worth trillion of dollars and have yet to pay it.

"However, we still think that their currency is strong," said Dr Mahathir.

Iranian President Hassan Rouhani had earlier suggested that Muslim countries can cooperate closer in terms of banking and economy including the use of cryptocurrency under a unified currency.

The Iranian President had shared some of Turkish President Recep Tayyip Erdogan's views, particularly on using national currency instead of the US dollar for trade among Muslim countries.

“With new blockchain technology, we would be able to introduce a unified cryptocurrency to Muslim states with the cooperation of our central banks.

“In the past, Dr Mahathir had wanted to introduce the Islamic dinar. With such technology underway, we can set up a new currency for the Muslim world. The benefit of cryptocurrency is that it can cut through bureaucratic and market fluctuations, ” said Hassan in his speech.


He added that utilising cryptocurrency or unified currency for trade among Muslim nations can allow these countries to further independence, from over-reliance on the US dollar.


Some 450 delegates comprising leaders, intellectuals, politicians and non-governmental organisations from 56 countries are attending the four-day summit
amid criticism from the Organisation of Islamic Conference (OIC) for undermining the Saudi-based global body representing Muslim nations and organisations.


The idea for the Islamic dinar was first mooted by Dr Mahathir after the 1997 Asian financial crisis.

Meanwhile, Erdogan said such conferences are not only important for discussing issues faced by the Islamic community, but to find solutions to such issues.


Some areas, he added, that Muslim countries can look into to broaden partnerships include banking, finance, technology and education.

He mooted some suggestions for ramping up collaboration between Muslim countries, such as increasing academic exchanges between students and conducting bilateral trade in their own currencies instead of relying on foreign currencies.
Islamic finance, he added, should be prioritised and expanded as there is great potential in such financial systems.

During the roundtable, Dr Mahathir pointed out that Muslim countries are too dependend on Western countries.

“In order to be independent, we should resist the influence of foreign countries, which intend to see us fighting each other so that we can never be strong, ” he said.

He added that Islamic countries should also try to resolve differences amicably.


“Fighting, killing, wars - will never solve any problems. It is far better to have negotiation, or arbitration or the court of law in order to resolve any conflicts, ” he said.
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TAGS / KEYWORDS:Mahathir Mohamad , Cryptocurrency , Kuala Lumpur Summit 2019

 

[mudhatter]

1. Bad idea at this time.

This is like throwing a challenge to the Yanks. Without their reserve currency backed the petrodollar, Yankee relevance to the world will decline immensely.

Their military is intended, among other things, to back up the status of their currency.

Bad idea to propose this at this time.


2. This idea apparently is mooted by Iranian leader cause his own country is under Yankee sanction, embargo and stifled economically.

If he is removed from office, and somebody along the lines of Dr Ahmadinejad comes to power, Iran's stature among the populations of the vast majority of Muslim countries will rise.


3. In order to pre-empt any military intervention by Yankees/NATO/any other combination of 'powers', these countries must sign a mutual defence treaty. An attack on one country by any other country/countries is an attack on all such countries. Bit like NATO. With security guaranteed, then comes the next step.

4. Free Trade Agreements. Investment protection agreements. Nothing much to add here. Done all around the world.

5. At this moment, a lot of these countries populations are ignorant of each other, or their leaders don't trust each other. To build up trust takes time. Start slow, start small with a few joint projects. See how things go and build up trust amongst each other.

The populations of all these countries should familiarize themselves with each other. Their cultures, customs, languages, do's and dont's in each country, histories, sensitivities, political, sectarian, linguistic, or nationalistic chauvinism gradually eradicated for the wider Muslim world to gradually merge. To act as one.

6. And for that mutual defence treaty signed by the involved countries to be effective, the countries must be able to mass-produce Intercontinental Ballistic Missiles and hydrogen bombs so that such devices can be delivered to any place on Earth.

With peace, Insha Allah things can improve and cooperation can increase further.

7. No alternatives to improving scientific, technological achievements.

8. Some specific areas of cooperation may be:

i) IC design, wafer fabrication, assembly and test.

ii) aerospace engineering, including aero enging, avionics, airframe (composites included), wind tunnel, modelling, simulation.

iii) materials science/nanotech.

iv) desalination and water treatment. Very useful in desert countries like Arab world, also in Iran and Pakistan. Hopefully Pakistan's Imran Khan will join this summit in the future. Indonesia should join this too. With the two most populous Muslim majority countries joining, the collaboration can gain more significance

v) advanced agriculture so as to make the most out of desert areas in such countries as Iran, Pakistan and Arab world.

vi) advanced oil & gas exploration equipment, oil rigs, FPSO and other equipment produced in the offshore segment

vii) defence equipment and tech - where turkey as a NATO member and very eager to transfer technologies to fellow Muslim majority countries has been leading the charge.

Because Erdogan knows, he has seen and understood, that lack of a strong military industrial complex is what hurts the vast majority of the world's Muslims today, the most.

With a strong unified military fed by an advanced (by global standards) military industrial complex (MIC), any part of the world can be struck at a time of this coalition's choosing.

Through military might, peace, stability and justice can be ensured and much of the sufferings of millions of Muslims around the world can be resolved.


Good news is that Turkey has signed a few deals with Malaysia, Pakistan and Indonesia already. Maybe Bangladesh, Qatar, Azerbaijan, Tunisia can follow. Will Kazakhstan, Uzbekistan and Turkmenistan be good allies for the Turkish cause given how those Turkic countries, too, are ruled by (Russian aligned) dictators, much like in most Arab countries, where the dictators are mostly American aligned and therefore, Zionist aligned?

 

[mudhatter]

One reason Malaysia is far less effective in defence and tech in comparison to Iran or Turkey is that Malaysia is just too diverse. With too many kafir pendatang in its midst.

An important minister in Malaysia is a kafir pendatang, chink to boot! The travesty!

Nothing as such can be seen or imagined in yankistan, tiongkok, ah nehland or even tiny fake statelet like stinkypura which has been always historically a part of Malay archipelago. On top of that, Stinkypore actively seeks out kafir immigrants.



Good thing Ah Loong has signed CECA, now CECA is going to turn stinkypore into Chennai in 10 years and bum-bay in an additional 5 years.



Stinkies will be getting their just desserts.

Turkey - almost 100% Muslim.

Iran - almost 100% Muslim.

Pakistan - almost 100% Muslim.

These three countries also hold the highest number of "Caucasoid" Muslims. Look up the meaning of Caucasoid if anybody is in doubt.

No wonder they are the strongest in military might and able to pursue the most independent policies in relative terms. Even Pakistan, facing off against a much bigger Ah Neh on one side and threatened by Yanks on behalf of Zionists (because of their nuclear arsenal, primarily) for more than a decade is now starting to claw its way back from instability to make some progress.

And elected a very eloquent and honest but a bit timid and inconsistent PM in Imran Khan.

Hopefully he finds his footing and does not cave in to any pressure from enemies of Muslims or their agents. Be it dictatorships like MBS, MBZ and the likes or Ah Tiongs or Ah Nehs or Yankees or Zionists or whatever.

 

[tanwahtiu]

Malai shd invade Singapore, control the Malaicca Straits with Tolls..... revenues money make Malai rich dont need to work, just pray...

 

[syed putra]

That kafir minister is married to billionaire IOI boss( father the founder just passed away). They made a bid to buy 101 tower in taipei ten years ago.

 

[laksaboy]

Mahathir could be dajjal. Muslims are only allowed to do transactions using only dinar (gold) and dirham (silver).

 

[syed putra]

Mahathir could be dajjal. Muslims are only allowed to do transactions using only dinar (gold) and dirham (silver).

He is. With anwar ibrahim. A curse we all must endure.not just the malaysians.

 

[mojito]

First the flying car now the Allah coin. Truly Dr M ambitions know no bounds.

 

[syed putra]

First the flying car now the Allah coin. Truly Dr M ambitions know no bounds.

Dr m wastimgn is time with same failed policies in the 1990's.

 

[mudhatter]

Malai shd invade Singapore, control the Malaicca Straits with Tolls..... revenues money make Malai rich dont need to work, just pray...

should do it lah.

but tolls dont make anybody rich.

how much did stinkypura make from 'tolls'?

any numbers?

 

[mudhatter]

That kafir minister is married to billionaire IOI boss( father the founder just passed away). They made a bid to buy 101 tower in taipei ten years ago.

ya lor, it shows how generous melayu are and always have been

yet you have millions of greedy backstabbing backbiting jiuhu chinks always kpkb crying and whining abt 'discrimination'

hypocrites!

no wonder even stinky chinks dont like jiuhu chinks due to their nature

 

[mudhatter]

Dr m wastimgn is time with same failed policies in the 1990's.
View attachment 69003

stinky is turd largest forex trading centre

after londong and jew york

so yeah, targeting RM, to depress ringgit's value is stinky's only option of pretending to be ahead.


https://www.wsj.com/articles/anz-ma...inggit-benchmark-rate-in-singapore-1480041857


ANZ, Macquarie Say Employees Tried to Rig Ringgit Benchmark Rate in Singapore
Identities of individuals weren’t disclosed

A woman passed an ANZ branch in Sydney in 2013. PHOTO: EUROPEAN PRESSPHOTO AGENCY
By
Robb M. Stewart
Updated Nov. 24, 2016 9:54 pm ET

• 
  PRINT
• 
  TEXT
• 
  1

MELBOURNE, Australia—Two of Australia’s largest banks admitted that several employees in Singapore tried to manipulate the benchmark rate for the Malaysian ringgit, although there is no evidence they were successful.
On Friday, Australia’s antitrust regulator began proceedings in federal court against Australia & New Zealand Banking Group Ltd.ANZBY -0.06% and Macquarie Group Ltd. MQBKY 1.99% The regulator claims the banks attempted to engage in cartel conduct.
The banks each confirmed they had agreed to settle with the regulator in relation to the conduct of employees in 2011. The identities of the individuals weren’t disclosed in statements from the banks and regulator.
The Australian Competition and Consumer Commission said it agreed with ANZ and Macquarie on facts that would be presented to the court for consideration, including that a Macquarie trader and traders employed by ANZ—along with a number of other unspecified banks in Singapore—had communicated in private online chat rooms about daily submissions to be made to the Association of Banks in Singapore regarding the ringgit fixing rate.
The banks and the regulator also agreed that on various dates in 2011, the traders tried to make arrangements with other banks that submitting banks would make high or low bids to the Association of Banks in Singapore. The ACCC alleges ANZ and Macquarie sought to influence the fixing rate.
ANZ said it agreed that three employees unsuccessfully attempted to influence the setting of benchmark rates used to settle contracts for the ringgit on 10 occasions. It agreed to a 9 million Australian dollar (US$6.7 million) penalty.
Macquarie, which agreed to pay a A$6 million penalty, said the regulator acknowledged that no senior manager or other employees were involved in or aware of the conduct of its junior employee in Singapore.

Macquarie said the employee was fired in 2012, while ANZ said the three employees that faced allegations are no longer employed by the bank.
The Association of Banks in Singapore’s benchmark rates are used as reference rates for settling non-deliverable forward contracts for currencies that aren’t freely tradable outside the domestic economy. Banks mainly use non-deliverable forward contracts for hedging and risk management.
The Australian regulator said ANZ was a submitting bank for the ringgit fixing rate, and Macquarie often initiated discussions between traders but wasn’t a submitting bank. It estimated that annual turnover for non-deliverable forward contracts in Australia was about A$9 million to A$10 million.
“These proceedings are a reminder that Australian cartel laws apply to financial markets and capture cartel conduct by firms that carry on business in Australia, regardless of where that conduct occurred,” ACCC Chairman Rod Sims said.
The federal court will determine if the penalties agreed upon with the regulator were appropriate. The ACCC said it wouldn’t comment further regarding penalties until the court made its final orders.
ANZ Chief Risk Officer Nigel Williams said the bank accepted responsibility and apologized for the actions of its former employees. He added that the matter was previously investigated by the Monetary Authority of Singapore, which completed a review and supervisory action in 2013 involving 20 banks operating in Singapore, but found no conclusive evidence that foreign exchange benchmarks had been successfully influenced.
Since that investigation, ANZ said it had strengthened its compliance systems. Similarly, Macquarie said it had tightened surveillance of electronic communications world-wide, improved trade monitoring and intensified training for its front office staff.
Write to Robb M. Stewart at [email protected]
Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8



Singapore is the third largest FX centre globally after London and New York, and is the largest in Asia Pacific. Everyday, over half a trillion US dollars of FX is traded in Singapore. The FX sector is pivotal to Singapore's standing as a major trading and corporate treasury hub in the region, and underpins the vibrancy of Singapore's international financial centre.
With all of the top five global banks housing their regional FX sales and trading teams here, Singapore offers a deep and liquid market for the trading and hedging of G10 currencies, as well as Asian emerging market currencies.



things are a hella lot cheaper in jiuhu for sure

for the cost of a teeeeny tiny HDB apartment, one can get a palatial landed house in JB.

or farther up north.

cars and petrol are cheap. lot more spacious. more democratic and freer.

more scenery and sight.

greater potential.

stinky already maxed out liao. not much more growth potential left. save for money laundering and importing more CECA virus.


stinkypura is also ahead of japs gooks fukiens chinks hongkies (not a country but ...) and aussies and kiwis too.

dont mean much coz stinkies would rather migrate outta stinkypore today,

and move to places with higher quality of life, slower paced, more natural and more spacious lands like 'straya, yamato-san-land even fukiens' land.