With Luis Inácio Lula da Silva’s recent victory in Brazil on October 30 over Jair Bolsonaro, it should open the door for the proposal of a single currency for Latin American countries. Lula announced this as part of his campaign, preaching the usefulness of a common currency as a way to combat inflation and dependence on the dollar.
Lula da Silva said:
We are going to reestablish our relationship with Latin America. God willing, we will create a Latin American currency.
According to Lula, this currency could be called SUL, and could be capitalized based on the trade volumes of the continent’s countries. “We don’t have to depend on the dollar,” Lula said at the time, clarifying that the objective of such a currency would be to get out of dependence on the dollar, whose influence would have caused many problems and imbalances in countries like Venezuela and Argentina.
Recently, Charles Hoskinson, founder of Cardano (ADA), made a prediction that cryptocurrencies will see more adoption as the government fiat currencies of various countries begin to lose value.
Hoskinson made this prediction based on Lula da Silva’s recent victory as Brazil’s new president. According to Hoskinson, South American countries are experiencing a leftist wave, which he believes will impact the region over the next decade.