4 months ago 2 min read

Venezuela President Expresses Support for Petro in Latin America

Venezuela President Expresses Support for Petro in Latin America

Venezuelan President Nicolas Maduro has stated his support for the creation of a new Latam common currency at the most recent Workgroup of the Sao Paolo Forum conference. According to Maduro, this would be a crucial step in creating a shared economic environment in which cryptocurrencies would play a significant role.

Maduro Backs Latam's Single Currency Project

In order to create a unified economic space, Venezuelan President Nicolas Maduro has expressed support for the idea of a single currency for all of Latam. Maduro made the following remarks while taking part in the most recent meeting of the workgroup of the Sao Paolo Forum, a collection of parties with a center-left lean:

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

With the successes of President Luis Inacio Lula Da Silva in Brazil, Maduro noted that recent political changes in Latam have made it possible for this new wave of efforts that aim to free the area from the impact of foreign currencies.

He said about this new movement:

"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."

The notion of adopting a unified currency in the region has also been put out by other presidents and lawmakers in the zone. One of Lula's campaign promises was to do this, he said, because it would lessen the power of the dollar in the region. During President Petro's inauguration, Roy Barradas, president of the Colombian Congress, echoed Lulas's suggestion.

Cryptosystem for Multiple Currencies

In a similar vein to what Venezuela is currently doing, Maduro has submitted his own suggestion for a multi-currency system that might be used in Latin America. He included cryptocurrency as a crucial component to this new plan.

He provided the following explanation:

"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."

As one of the first countries to introduce its own cryptocurrency, the Petro, in 2018, Venezuela is currently one of the nations with a well-established legal framework for mining and cryptocurrencies.

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