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.
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.
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. He said this system would support “sustainable development” by reducing heavy dependence on old financial channels. His message was directed at members like China, Russia, India, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Belarus, and Iran.
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. He highlighted that global banking networks are changing fast, and the region must adapt to stay competitive. He argued that building their own financial tools would help them avoid outside pressure and keep trade flowing smoothly.
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. These remarks matched Iran’s long-standing view that financial independence is key to stable growth.
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. He said such a bank would “reduce reliance on unfair global financial systems” and help member states control their long-term growth plans. The idea was well aligned with Iran’s push for stronger economic ties within the organization.
He called for speeding up Iran’s entry into the SCO Interbank Consortium, which currently funds joint projects across the group. Aref said full membership would help Iran take part in more collaborative financial programs. He explained that this would allow Iran and other members to expand digital payment links.
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. They added that this includes working with partners on payment systems and digital finance rules.
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.” He said digital assets give countries “new ways to do business and to pay for trade.”
