According to the BC President, with financial digitization, it is not necessary to have a common currency between countries to achieve positive effects
247 – The head of the central bank, Roberto Campos Neto, said on Friday (2), during an event in São Paulo, that he is against the institution of common currencies between the two countries. President Lula advocates for a common currency for commercial purposes in South America during the Summit of Presidents of the region, in Brasilia, last Tuesday (30).
Campos Neto spoke at the Crypto Workshop event organized by Valor Capital Group, LLC, where he highlighted the possibilities offered by financial digitization to connect different systems in each country. However, according to him, what is needed is to think about “connecting the different systems we have”.
He defended the idea that with financial digitization, it is not necessary to have a common currency between countries to achieve the positive effects of the single currency. The BC president said he was against adopting common currencies and cited two episodes in which there was talk of a single currency between Brazil and Argentina. “I’ve always been against it,” he said.
The President of British Columbia stated that the common currency carries the DNA of two nations. Therefore, interest rates and inflation will be a combination of the two. At the same time, he advocated convertibility—that is, the ability of a currency to be accepted by other countries without restriction.
“Once we have more international currencies, we can consider full convertibility,” said the BC president, adding that the foundation’s plans are to make the real currency convertible. But we will do it gradually.” Campos Neto noted that the currency used by other countries is not a “cause”, but a “consequence” of other factors. (With Reuters).
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