Venezuelan President Nicolas Maduro indicates support for single currency in Latin America, calls for inclusion of crypto-currencies

Nicolas Maduro said that this would be an important step in building a common economic space, which would also include crypto-currencies as an important element.

Maduro supports single currency project for Latam

Nicolas Maduro, president of Venezuela, expressed his support for the idea of a single currency for all the Latam countries in order to build a common economic space. Within the framework of his participation in the last meeting of the working group of the Forum of Sao Paolo, a group of parties of center-left, Maduro declared that he was in favor of the idea of a single currency for all the countries of the 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 in Latin America, 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 have to look inward, to our deepest America, there has to be a change of behavior, that our rulers hear us and understand us to agree to build a common economic space.

Other presidents and politicians of 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 US dollar in the zone. Roy Barradas, president of the Colombian Congress, also echoed Lulas’ proposal at the inauguration of President Petro.

Multi-currency cryptographic system

Nicolas Maduro also made his own proposal outlining a multi-currency system that could be adopted in Latam, in the same vein as what Venezuela is currently doing. He also included crypto-currencies as a key component of this new proposal.

In this regard, he explained:

We must agree on the construction of a monetary system that takes into account existing currencies, crypto-currencies, no one can see the monetary system of the 21st century without crypto-currencies.

Venezuela was one of the first nations to launch its own crypto-currency, petro, back in 2018, and is currently one of the countries with an established legal framework for crypto-currency and mining.