Despite Argentina’s ongoing currency crises, Singaporean crypto exchange Huobi Group expands its crypto trading wing to Argentina.
Huobi Exchange Expands to Argentina
The announcement of the new crypto exchange in Argentina was revealed on Sept 17, 2019. Per the release, the new platform will be using Huobi Cloud which enables the first fiat to crypto onramps in Argentina. Accordingly, it facilitates the purchase of a couple of cryptocurrencies with the Argentina's national currency, Peso. It also intends to allow users to buy cryptocurrencies using wire transfers, credit cards and other existing payment methods of the region such as Mercadopago.
The news of the new exchange launch comes in a wake of the country’s ongoing monetary crises which is collapsing the value of Peso. Having said that the Huobi exchange understands the need of alternative currency in the region among Argentine. Also, the exchange said that the country's citizens are keen to leverage the benefits from the nascent technology.
“Argentina’s volatile economic situation, including the country’s newly imposed currency controls and rampant inflation, creates a flourishing environment for cryptocurrency adoption,”
Nevertheless, the country’s regulators are actively working to mitigate the current Peso devaluation, in fact, it was reported that the country imposed currency controls. With that being said, Argentina holds the fourth highest rank in terms of crypto adoption among worldwide countries. This might be one of the key reasons behind Huobi’s decision of launching a new crypto exchange in Argentina. As David Chen, senior business director at Huobi Cloud, said;
“The increasing demand for crypto-related products and services makes Argentina a perfect entry point for Huobi to pursue larger projects in promoting cryptocurrency and blockchain to the market”
Previous reports also mentioned that the bitcoin was trading at an all-time high against the country’s currency Peso due to inflation. Moreover, Carlos Banfi the CEO of new Huobi branch, Huobi Argentina claims ‘ Argentina is South America’s most promising market for blockchain development. He further outlined that;
“There already exists a consensus to break from reliance on the local currency and banks, and with Huobi’s entrance into the market, it is a great opportunity to move the needle on blockchain and crypto adoption in Argentina,” he added.
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