Elon Musk supports the idea of ​​a common digital currency in Latin America

Elon Musk supports the idea of ​​a common digital currency in Latin America

Source: Adobe

Brazil and Argentina have announced their collaboration on the issuance of a common currency. Sergio MassaArgentine Minister of Economy, said that the two countries will invite other nations in the Latin American region to join this economic integration project in the future.

Brazil and Argentina at the head of the project to issue a common currency

Sergio Massa announced that representatives of the two countries will discuss this subject at the CELAC (Comunidad de Estados Latinoamericanos y Caribeños) summit in Buenos Aires on January 24. It also declared to FinancialTimes that the discussion would focus on the first considerations relating to the issuance of a common currency, in particular the necessary parameters around it, which will include among others fiscal issues, the size of the economy and the role of central banks.

Mr. Massa, however, warned that finalizing this project could take time, citing the example of the euro, which was in the making for 35 years before finally being adopted by the European Union.

Many Latin American leaders had repeatedly raised the possibilities of a common currency project for the region. The President of Brazil, Luis Inacio Lula Da Silva, had already referred to this development in the framework of his presidential campaign, adding that the objective would be to reduce the dependence of the countries of the region vis-à-vis the American dollar. In November, Nicola Maduro, president of Venezuela, supported the idea, saying it would be “extraordinary.” He also called for the inclusion of cryptocurrencies in the 21st century monetary system.

Elon Musk endorses common currency initiative for Latin America

When the news broke, the CEO of You’re here, SpaceX and Twitter commented on social media that it was probably a good idea.

Like Robert Kiyosaki, Musk seems convinced of the decline of the US dollar as a reserve currency. In March, the CEO advised his social media “followers” ​​to exchange their dollars for physical assets. Musk had Explain :

(…) for those looking for advice in this thread, it is generally better to own physical assets like a house or shares in companies that you believe are profitable, than dollars when inflation is high.

Latin America is one of the fastest growing regions in the world for cryptocurrency adoption. According to chain analysis, five of the top 30 countries are in this region: Brazil (7th place), Argentina (13th place), Colombia (15th place), Ecuador (18th place), and Mexico City (28th place). Citizens of Latin American economies are more likely to adopt cryptocurrencies not only for savings (or store of value) to hedge against inflation, for remittances but also for profit.

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