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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