{"id":16818,"date":"2023-01-24T11:59:50","date_gmt":"2023-01-24T11:59:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/brazil-and-argentina-to-start-working-on-creation-of-latam-common-currency-economics-bitcoin-news\/"},"modified":"2023-01-24T11:59:50","modified_gmt":"2023-01-24T11:59:50","slug":"brazil-and-argentina-to-start-working-on-creation-of-latam-common-currency-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/brazil-and-argentina-to-start-working-on-creation-of-latam-common-currency-economics-bitcoin-news\/","title":{"rendered":"Brazil and Argentina to Start Working on Creation of Latam Common Currency \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Brazil and Argentina are looking to begin work on the issuance of a common currency. Sergio Massa, minister of the economy of Argentina, also stated that the two countries will be inviting other nations in the area to join this economic integration project in the future.<\/strong><\/p>\n

Brazil and Argentina to Spearhead Common Currency Issuance Project<\/h2>\n

Ministries of Brazil and Argentina will be discussing the first steps to issue a common bilateral currency. According to statements<\/a> given by the minister of the economy of Argentina, Sergio Massa, representatives of both countries will be discussing this subject at the CELAC summit in Buenos Aires on Jan. 24.<\/p>\n

Massa told Financial Times that the discussion would revolve around initial considerations for the issuance of the coin that would be called \u201csur,\u201d Spanish for south. Massa stated:<\/p>\n

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There will be \u2026 a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks.<\/p>\n<\/blockquote>\n

Massa warned this kind of project would take time to come to fruition, mentioning the Euro as an example, which was in the making for 35 years before being finally adopted in the European Union. He explained:<\/p>\n

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I don\u2019t want to create any false expectations \u2026 it\u2019s the first step on a long road which Latam must travel.<\/p>\n<\/blockquote>\n

An Invitation for Latam<\/h2>\n

While the currency would be first studied and designed to be a bilateral endeavor, the project could be extended to include more nations in Latam in the long run. \u201cIt is Argentina and Brazil inviting the rest of the region,\u201d Massa explained.<\/p>\n

The project of a common currency for Latam has been gaining some steam during the last year. President of Brazil Luis Inacio Lula Da Silva had referred to this development before as part of his presidential campaign. At a party rally in May, Lula Da Silva declared<\/a> his intention of participating in the creation of this common currency project, adding that the objective would be to decrease the dependence of Latam countries on the U.S. dollar.<\/p>\n

In November, Nicolas Maduro, president of Venezuela, gave his support to the idea, stating<\/a> that it would be \u201cextraordinary.\u201d He also called for the inclusion of cryptocurrencies as part of the monetary system of the 21st century.<\/p>\n

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\nTags in this story
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Argentina<\/a>, Brazil<\/a>, common currency<\/a>, Euro<\/a>, financial times<\/a>, latam<\/a>, luis inacio lula da silva<\/a>, Nicolas Maduro<\/a>, Sergio Massa<\/a>, Sur<\/a>, U.S. dollar<\/a><\/div>\n<\/div>\n

What do you think about the issuance of a common currency in Latam? Tell us in the comments section below.<\/strong><\/em><\/p>\n

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\nSergio Goschenko <\/h6>\n

\nSergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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