One of the world’s most extensive cryptocurrency exchanges Huobi Group has recently announced the launch of its cryptocurrency exchange in Argentina, Reuters reported on Tuesday.
When it comes to the question of cryptocurrency adoption, Argentina stands out as a regional leader. Call it openness to nascent technologies or economic downslide and restrictions on foreign exchange that has caused people to turn to cryptocurrencies, Argentina is rapidly making inroads into the global cryptocurrency space.
Sensing the crypto-friendly environment and receptiveness for the declining peso alternatives, the US-based Huobi Group is spreading its reach down south and expanding its services to Argentina as Huobi Argentina.
With this expansion, Huobi plans to facilitate the purchasing of cryptocurrencies using Argentine pesos. Using fiat gateways, users in Argentina can gain access to leading cryptocurrencies through popular payment gateways like credit cards or wire transfers.
Huobi rolls out the red carpet for cryptocurrency exchange in Argentina
Meanwhile, economic uncertainties and currency overhauls are primarily causing people in Argentina to turn to cryptocurrencies. In fact, Bitcoin recently traded at an all-time high against the Argentina peso.
According to a recent report, the country makes up for sixteen percent (16%) of cryptocurrency adoption in the world. In its frantic efforts to regain its control over the uncertain peso market, it prohibited its people from engaging in foreign exchange.
Commenting on the firm’s decision to expand in a crisis-hit region, Huobi Argentina’s CEO, Carlos Banfi, stated that Argentina offers one of the most favorable environments for the buildout of the fledgling technologies.
Its people are already seeking ways to liberate themselves from the shackles of the withering economy and stringent central bank regulations and find haven in decentralized currencies, thus making it an excellent platform for blockchain and cryptocurrency advancements, he states with confidence.
