Nicolas Maduro said it would be an important step for building a common economic space, which would also include cryptocurrencies as an important element.
Maduro backs single currency project for Latam
Nicolas Maduro, President of Venezuela, expressed his support for the idea of a single currency for all Latam countries in order to build a common economic space. As part of his participation in the latest meeting of the working group of the Sao Paolo Forum, a group of center-left parties, Maduro said he was in favor of the idea of a single currency for all countries of Latam in order to build a common economic space. said ::
There are those who propose the use of a single currency, let’s discuss it, it would be extraordinary.
Nicolas Maduro explained that the recent political changes that Latam is experiencing, with the victories of President Luis Inacio Lula Da Silva in Brazil, have made possible this new wave of initiatives that seek to separate the region from the influence of foreign currencies.
About this new movement, he said:
We must look inwards, towards our deepest America, there must be a change in behavior, our governments must hear us and understand us in order to agree on the construction of a common economic space.
Other presidents and politicians in the zone have also proposed the idea of adopting a single currency in the zone. This was one of the promises made by Lula during his campaign, explaining that it would undermine the influence of the American dollar in the zone. Roy Barradas, president of Colombia’s Congress, also echoed Lulas’ proposal during the inauguration of President Petro.
Nicolas Maduro also made his own proposal outlining a multi-currency system that could be adopted in Latam, similar to what Venezuela is currently doing. He also included cryptocurrencies as a key part of this new proposal.
In this regard, he explained:
We need to agree on building a monetary system that takes into account existing currencies, cryptocurrencies, no one can see the monetary system of the 21st century without cryptocurrencies.
Venezuela was one of the first nations to launch its own cryptocurrency, petro, back in 2018, and is currently one of the countries with an established legal framework for cryptocurrency and mining.
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