While this is certainly possible, I'm a little skeptical that it will be widely adopted. Giving up currency sovereignty is huge for a government. If they're not largely on the same page, it could go bad really fast. Latin America also has some huge ideological differences that could spill over into currency management. Remember Greece's woes? Those were partially exasperated by Germany being a stick in the mud over the European Central Bank. I would expect Latin America to experience worse.