Huobi Cryptocurrency Exchange announced the opening of a branch in Argentina amid the economic crisis in the country and the ongoing decline in local fiat currency.
Huobi Argentina will facilitate the purchase of a number of cryptocurrencies for the Argentine peso. In October, the exchange also plans to add the possibility of buying cryptocurrencies with credit cards, bank transfers and other payment methods widely used in Argentina, including Mercado Pago.
The demand for cryptocurrency in Argentina is due to the country’s openness to emerging technologies and the need to find an alternative to reduce the risks caused by the devaluation of the peso. According to a report by market data provider Statista, Argentina is the fourth largest cryptocurrency acceptor in the world.
Recently, currency controls were introduced in Argentina to stabilize the peso markets, restricting citizens from buying foreign currencies.
“The volatile economic situation in Argentina, including the recently introduced currency controls in the country and rampant inflation, creates an ideal environment for accepting cryptocurrencies,” the exchange said.
The Huobi initiative can be very successful – citizens of Argentina are increasingly resorting to cryptocurrencies in an attempt to save their savings from hyperinflation. Earlier this month, an Argentine financial expert called on fellow citizens to buy bitcoins.
In addition, in March this year, venture capitalist and well-known cryptocurrency enthusiast Tim Draper advised the President of Argentina to legalize Bitcoin in order to improve the economic situation in the country.
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