Is There a Common Currency Area in South America?

Lula has always been in favor of multipolar relations and believes that the countries in Latin America can negotiate with the big imperialist Northern powers better if they're united. But it's important to point out here that what he's talking about with Argentina is not exactly a new currency like the Euro. He's talking about a digital currency that could be used specifically for transactions between the national and local governments of Brazil and Argentina. The problem is that in every transaction made in dollars, both parties lose on exchange fees so it would be something that would boost trade between the two countries.