Venezuelan President Nicolas Maduro Signals Support for Single Currency in Latam, Calls for Crypto Inclusion

Nicolas Maduro, president of Venezuela, has expressed his support for the adoption of a new common currency for Latam in the latest meeting of the Workgroup of the Sao Paolo Forum. Maduro stated that this would be an important step for the construction of a common economic space, that would also include cryptocurrency as an important element.

Nicolas Maduro, president of Venezuela, has signaled his support for the idea of a single currency for all the countries in Latam as a way of building a common economic space. As part of his participation in the latest meeting of the workgroup of the Sao Paolo Forum, a group of center-left leaning parties, Maduro stated:

There are those who propose the use of a single currency, let’s discuss it, it would be extraordinary.

Maduro explained that the recent political changes that Latam is facing, 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 declared:

We have to look inwards, towards our deep America, there has to be a change in our behavior, for our rulers to hear and understand us to agree on the construction of a common economic space.

Other presidents and politicians of the zone have also proposed the idea of adopting a single currency in the area. This was one of the promises that Lula made during his campaign, explaining that this would undermine the influence of the U.S. dollar in the zone. Roy Barradas, president of the Congress of Colombia, also echoed Lulas’s proposal during President Petro’s inauguration.

Maduro also made his own proposal describing a multi-currency system that could be adopted in Latam, in the same vein as what Venezuela is doing now. He also included cryptocurrency as a key element in this new proposal.

On this, he explained:

We must agree on the construction of a monetary system that takes into account the existing currencies, the cryptocurrencies, nobody can see the monetary system of the 21st century without cryptocurrency.

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

What do you think about the new single and multi-currency proposals of President Nicolas Maduro for Latam? Tell us in the comments section below.