Coinbase CEO suggests BTC as alternative to proposed new S. American currency ‘sur’ Coinbase CEO suggests BTC as alternative to proposed new S. American currency ‘sur’
Argentina and Brazil are preparing a joint venture to establish a shared common currency to remove reliance on US Dollar.
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Updated: Jan. 23, 2023 at 11:21 am UTC
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Coinbase CEO Brian Armstrong suggested utilizing Bitcoin (BTC) instead of building a new currency from scratch in response to Brazil and Argentina’s joint venture to establish a shared currency.
Brazil and Argentina will meet during a summit in Buenos Aires to discuss a more detailed plan, according to the Financial Times (FT). The as-yet-unnamed currency has been rumored to be named “sur,” which translates to “south” in English.
Armstrong said that adopting BTC would yield better results in the long term.
Deployment of a common currency
Right now, the plans suggest that the currency would run parallel with the local currencies of Brazil and Argentina at first.
Argentina’s Minister of Economy, Sergio Massa, spoke to Financial Times and said:
“There will be . . . a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,
…it’s the first step on a long road which Latin America must travel.”
This project is expected to boost regional trade and diminish the region’s reliance on the U.S Dollar in the long run.
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Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.
