Brazil and Argentina are preparing to launch a common currency… Will they adopt Bitcoin?
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Answer Brazil and Argentina are preparing to launch a common currency… Will they adopt Bitcoin?
Amid changing global geopolitical dynamics and mounting US debt, there have been many countries around the world considering an alternative form of money, other than the US dollar, to settle deals.
According to the latest development, Latin American countries Brazil and Argentina have announced that they are working on a common currency.
During the Buenos Aires Summit this week, South America’s largest economies will discuss further plans.
According to some details provided, the focus will be on using the new currency to boost trade and dependence between the two countries and reduce dependence on the US dollar.
stated Argentine Economy Minister Sergio Massa told the Financial Times:Read:Bittrex reveals the date of the launch of its cryptocurrency
There will be…a decision to begin examining the parameters needed for a common currency, which include everything from fiscal issues to the size of the economy and the role of central banks.
It will be a study of trade integration mechanisms.
I do not want to cause any false expectations… It is the first step on a long road that Latin America has to travel.
Could bitcoin play a role in what is going on between Brazil and Argentina?
According to current plans, the new digital currency dubbed “sure” would be useful as a binary project.
Later, the two countries plan to expand this bilateral project by including more countries.
However, challenging the dominance of the US dollar will be a daunting task for everyone in the long run.
Where building trust in fiat currencies will be difficult.
The head of Coinbase suggested that moving to Bitcoin might be the right choice.
The Bitcoin blockchain and supply cap makes Bitcoin a store of value and reduces dependence on any particular central bank.Read:Will higher interest rates have an impact on the bitcoin price?
I wonder if they would consider moving to bitcoin.
This is probably the right bet in the long run.
Bitcoin is gaining more attention once again as users around the world seek freedom from fiat currencies amid rising global debt and declining economic output.
This month, Bitcoin has given a decent price pump with gains of nearly 33% since the beginning of 2023.
On the other hand, the Fed is likely to continue its interest rate hike program as inflation remains high.
The UAE Minister of Foreign Trade praises cryptocurrencies and sees them as a major role in global trade
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