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  • Argentine Foreign Minister Emphasizes Common Currency for De-Dollarization
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Argentine Foreign Minister Emphasizes Common Currency for De-Dollarization

Immy Dorse May 5, 2023 3 min read
Argentine Foreign Minister Emphasizes Common Currency for De-Dollarization

Argentine Foreign Minister Emphasizes Common Currency for De-Dollarization

Argentina’s Foreign Minister, Santiago Cafiero, emphasized the advantages of a shared currency in Latin America. According to him, implementing a unified currency could ease the current pressure on Argentina’s international reserves, and lower its dependency on the US dollar.

The meeting of the presidents of Argentina and Brazil and the discussion of the abolition of the dollar.

The President of Argentina visited Brazil to discuss the exclusion of the dollar from trade relations between the two countries during a meeting with the President of Brazil.… pic.twitter.com/3n4o1hlJJv

— Spriter (@Spriter99880) May 3, 2023

Stance of the Argentine Foreign Minister 

During a recent meeting between the presidents of Brazil and Argentina, Santiago Cafiero, the foreign minister of Argentina, discussed the potential advantages of a shared currency for Latin American nations, including his own. 

According to Cafiero, the meeting between Brazilian President Luiz Inacio ‘Lula’ da Silva and his Argentine counterpart Alberto Fernandez lasted for four hours in which they discussed several proposals. However, the idea of creating a unified currency for Latin America was not mentioned during the meeting. 

Argentina is currently facing some challenges in maintaining its foreign currency reserves, which are crucial for funding imports in today’s global trade scenario. In an effort to protect its dwindling reserves, the Argentine government is also exploring the option of replacing the US dollar with the Chinese yuan for its bilateral transactions with China.

In the past 24 hours:

– Yuan overtakes $USD as the most used currency in Chinese cross border payments
– Argentina announced they will pay Chinese imports in Yuan
– Brazil's president supported the idea of a "BRICs" currency

First it starts as a trickle, then a flood…

— Coin Bureau (@coinbureau) April 27, 2023

Where did the Common Currency Proposal begin?

Earlier, in the course of one presidential campaign, President Lula had put forward the idea of a common currency for the region with the aim of bolstering Brazil’s ties with other Latin American nations and lowering the extensive use of the US dollar.

At first, the reports indicated that this approach resembled the euro, an alternative to the fiat currencies of various countries in the area. Argentina and Brazil were the primary supporters of this concept.

In January, at the CELAC summit in Buenos Aires, the governments of Argentina and Brazil raised the idea of creating a shared currency. They signed an agreement to work towards this goal, specifying that the currency would only be utilized for transactions between members of the Common Southern Market and the BRICS alliance. Additionally, the BRICS group is also currently considering the implementation of their own collective currency.

Immy Dorse
Immy Dorse

I’m a Cryptocurrency Author and I have been writing about Cryptocurrencies for over 2 years now. I have written many articles on the subject and have been interviewed by some of the biggest names in the industry. My work has been featured on major publications such as Forbes, CoinDesk, and more. I am passionate about Cryptocurrencies and believe that they have the potential to change the world. I am always looking to learn more about this fascinating industry and share my knowledge with others.

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Tags: Argentina Brazil Currency Dollar Minister

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