Development of ecomoney digital currency based on blockchain technology for a multilateral regional monetary treaty

Today, the dominance of currencies such as the Dollar and the Euro over the global trading system and the dependence of bank transfers on the SWIFT network have become the power measure to impose sanctions. International organizations, their facilities and regulations were used mostly as tools for global management in the past, but today the sorts of governance and relations between countries have changed with modern tools and organizations emerging alongside traditional tools and the possibility of intelligent data management. Therefore, in many countries both centralized governments and decentralized public institutions want to restructure the relationships and use of new tools such as "cryptocurrencies" for exchanges, financing and transferring assets in order to maintain their independence and economic status. The desire to decrease the monopoly power of dominating currencies throughout the global economy and its exchange platform, has expanded countries' incentives to conduct bilateral and multilateral exchanges with local currencies in the context of the new blockchain technology. One way of facilitating the exchanges and aversion of exchange rate volatilities is the creation of a “digital currency” backed by a portfolio of national and international currencies, gold, oil and other assets operating similar to SDR (Special Drawing Right), provides secure, fast and cheap clearing of payments among traders without the need for SWIFT. In this paper, we have examined the possibility of establishing a digital currency named “Ecomoney” between Iran and ECO member countries and major trading parties of Iran such as China, India and Russia.