Elon Musk Backs Proposed Move To Develop A Uniform LATAM Digital Currency
According to the latest reports, two of Latin America’s largest countries, Brazil and Argentina, are spearheading the project to explore creating and issuing a single digital currency for the region. In addition, the founder of the US-based electric car-making firm, Tesla, Elon Musk, has shared his opinion on the reports of the new initiative, with the billionaire praising the initiative as “a good idea.”
Musk Praises LATAM’s Move
After the initiative’s report surfaced, the crypto community reacted to the ambitious project, with Tesla and Twitter boss Elon Musk also commending the move. The billionaire stated that he supports a move that would create a shared digital economic area for countries in the LATAM region.
Meanwhile, the Argentina Minister of Economy, Sergio Massa, warned that the talk is just part of the first step in developing the currency. Massa added that the digital currency has been preliminary named “Sur,” and the expectation is that it might take some time to be entirely created.
According to reports, the primary purpose for developing the common digital currency is to undermine the strength of the USD in the region. As the world’s reserve currency, the US dollar is continuously seen by some countries as a hindrance to their economic expansion drive within their region.
However, according to experts, LATAM is one of the several regions openly showing their intention to move away from the USD.
Rising Doubt Over The USD
In recent years, several notable personalities in the financial sector have predicted the steady fall of the USD as the world reserve currency. As a result, these individuals have suggested that nations adopt other more financially sound alternatives and reduce fiat money usage.
One such personality is the author of “Rich Dad Poor Dad,” Robert Kiyosaki. The famous author is reported to have repeatedly told his followers to let go of the USD, describing the world’s reserve currency as “toast.”
Kiyosaki is also known to be an ardent Bitcoin advocate and has, on numerous occasions, called on his fans to buy BTC to avoid a looming loss should the dollar crash. Similarly, Musk recommended to his followers on Twitter to consider the rising inflation rate and dump the dollars to buy physical assets.
The billionaire noted in a Twitter thread that those seeking his financial advice should own physical things or invest in stocks instead of saving their money in dollars due to the rising inflation. Then, Musk added that he is not looking to sell his BTC and DOGE assets.
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