By Huobi Global, the largest Chinese exchange, announced on Tuesday that they’ve expanded to Argentina as cryptocurrencies are gaining a lot of popularity in the region. The exchange was reportedly launched using Huobi Cloud, a service that allows users to build over-the-counter (OTC) and digital asset exchanges on top of Huobi’s existing platform. The company stated that ‘Huobi Argentina’, will act as local exchange and facilitate purchasing of a wide range of cryptocurrencies with the local fiat currency peso.
There have also been talks about a fiat gateway for the exchange which is supposed to launch somewhere around October. This will allow the locals to purchase cryptocurrencies using various payment methods like credit cards, wire transfers, and various other commonly used means of payment including Mercadopago, a popular payment platform that enables one to send and receive money via emails.
Houbi makes a smart move amidst peso devaluation
According to the Huobi, Argentina is enthusiastic about cryptocurrencies because their national currency is losing its value with time due to inflation. The people are seeking new alternatives to safely store their wealth, and what better than cryptocurrencies to meet that need. The exchange noted:
“Argentina’s volatile economic situation, including the country’s newly imposed currency controls and rampant inflation, creates a flourishing environment for cryptocurrency adoption.”
As per several reports, it’s noted that the Latin American region has a higher percentage of cryptocurrency users compared to any other area. Argentina is also ranked fourth in the terms of cryptocurrency adoption worldwide.
David Chen, senior business director at Huobi Cloud, mentioned in a statement:
“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.”
Argentina is open to Blockchain technology
Argentina has been adopting blockchain technology and cryptocurrencies gradually. Last month, IDB Lab, the innovation laboratory of the Inter-American Development Bank Group), Bitcoin Argentina, an NGO, and the Argentine subsidiary of NEC Corporation have signed a memorandum to create a blockchain-based identity system that is aimed to enhance the financial service and access to quality goods and services for the residents of Buenos Aires.
The country has also seen a number of Bitcoin ATMs being set-up, this only goes to prove how willing the nation is to change for the better.
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