Malaysian Prime Minister Mahathir during a conference in Tokyo proposed to create an Asian currency based on gold, which will be used to make payments in trade between Asian countries.
According to the Reuters news agency, Malaysian Prime Minister Mahathir Mohamad proposed to consider the idea of creating an Asian trading currency, which would be provided with physical gold. In his opinion, this currency can be used for conducting trade between Asian countries and will allow to overcome cross-border restrictions. The use of such a currency within the country completely excludes it. He considers the current currency trading in the Asian region to be completely manipulative.
“If Asian countries want to continue to work closely together, then it is necessary to have a common trading currency that will balance trade relations between partner countries. At the same time, the new cross-border currency should be based on a yellow precious metal, as it has a high degree of stability,” The view was expressed by Mahathir during a conference in Tokyo.
It should be said that Malaysia already has experience in creating a modern currency based on gold. In 2010, gold-backed currency was introduced in the province of Kelantan. Later, other states of the country became interested in introducing a similar currency.