The first steps to launching a shared bilateral currency will be discussed by Brazil and Argentina's ministries. According to statements made by Sergio Massa, Argentina minister of finance, representatives from both nations will talk about this issue on January 24 at the CELAC summit in Buenos Aires.

The conversation, according to Massa, would center on the preliminary planning for the release of the coin with the Spanish word "sur" for south as its designation. According to Massa, "there will be... a decision to begin researching the requirements for a common currency, which cover everything from fiscal difficulties to the size of the economy and the responsibility of central banks."

Massa cautioned that it would take time for this kind of effort to materialise, citing the Euro as an example, which took 35 years to develop before being officially recognised by the European Union. The first step on a long road that Latam must take, he said, "I don't want to raise any false expectations."

The currency would initially be researched and planned as a bilateral initiative, but in the long run, the project might be expanded to include more countries in Latam. According to Massa, " It is Argentina and Brazil inviting the rest of the region."

Over the past year, there has been some progress made toward creating a unified currency for Latam. Earlier in his presidential campaign, Luis Inacio Lula Da Silva, the president of Brazil, made reference to this event. The goal of this effort to establish a common currency, according to Lula Da Silva, is to lessen the reliance of Latam nations on the U.S. dollar. He announced this aim during a party gathering in May.

Venezuelan President Nicolas Maduro endorsed the proposal in November and said it would be " extraordinary." In addition, he demanded that cryptocurrencies be incorporated into the 21st century's monetary system.