Venezuela President Proposes Use Of Crypto As The Single Currency Among Latam Nations

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President of Venezuela, Nicolas Maduro, has supported the idea of a single currency inclusion for all the countries in Latam to build a standard economic structure. 

As part of his contribution in the latest meeting of the workgroup held in the Sao Paulo unit, Maduro recommended using a single currency, adding that the implementation would be extraordinary.

The Venezuelan President further explained that the recent changes in politics experienced by Latam depict a new wave of initiatives that seek to segregate the region from the influence of foreign currencies.

Maduro added that victory at the polls by Brazil’s President, Luis Inacio Lula Da Silva is a huge victory for this cause. Concerning the new movement, the President said Latam nations must look inwards and make necessary adjustments.

He stressed the need for a behavior change. Thus, rulers can understand the people’s viewpoint on the need to reconstruct the region’s economy under a common economic infrastructure.

Notably, presidents and politicians of other zones have invariably proposed the addition of a single currency in the area. However, the inclusion of a single currency was one of the campaign promises made by Lula. 

Furthermore, Maduro explained that the proposed implementation would lessen the influence of the US dollar in this zone. Presidents of other nations from this region also share similar sentiments as Maduro and Lula Da Silva.

A Collective Cryptocurrency System

Maduro also suggested that Latam could adopt a multi-currency system similar to what obtains in Venezuela right now. The Venezuela president further added the use of cryptocurrency as a vital part of his new proposal.

However, He explained that there is a need to integrate the present monetary systems and cryptocurrencies. According to him, cryptocurrencies are an excellent tool for the 21st century.

It is worth noting that Venezuela was one of the first nations to launch its cryptocurrency. It launched “the Petro” four years ago. 

The country is among the countries with a proper regulatory framework for establishing cryptocurrency, including crypto mining.


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