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Huobi Group To Open Exchange In Argentina Amid Economic Crisis and Increasing Demand for Crypto

Huobi Group has announced that they will be launching a digital currency exchange in Argentina.

The exchange is expected to start functioning some time in October as the group moves in on a ready market in the South American country.

Huobi Group runs one of the biggest crypto trading platforms in the world, and their presence in the Argentine market will boost crypto trading in the country.

A ripe market for crypto trading

Argentina is currently one of the countries in which crypto trading has the potential to flourish. The country’s economy is in tatters due to the collapse of the country’s fiat currency amid political instability.

The Argentine peso is rapidly falling, and government efforts to stop the currency’s free fall have not been successful. The government of Argentina recently put capital control measures in place to try and save their fiat currency.

However, these efforts may be too late as Argentine citizens have already developed distrust in the country’s central bank and economic structures.

Cryptocurrency as an alternative to Argentine peso

Several of Argentina’s citizens have begun using cryptocurrencies as they abandon the free-falling Argentine peso. The growing demand for cryptocurrencies in the country is a key factor in Huobi’s move into the Argentine market.

The group plans to launch a branch of its crypto trading platform in Argentina and crypto traders in the country will be able to deposit their Argentine peso in exchange for Bitcoin and other crypto-assets.

Bitcoin’s performance over the course of this year makes it an attractive cryptocurrency for crypto users around the world, and Huobi Group plans on making it more accessible to Argentine citizens.

The launch of this exchange will allow people in Argentina to purchase cryptocurrencies through a variety of methods such as credit cards and wire transfers.

These options are not available under the current OTC service exchange that is offered by Huobi in the country. The exchange giant’s upcoming launch of a full exchange will open up trading options and increase the access that people have to crypto trading.

Carlos Banfi, the CEO of the Argentine branch of Huobi, said that in Argentina, there already is a consensus to break from relying on the local fiat currency and banking systems.

The entry of Huobi into the country presents an excellent opportunity to move the focus from the fiat currency to cryptocurrency and blockchain technology.

Crypto adoption is well on its way in Argentina, and Huobi’s creation of exchange could fast track mass adoption. Bitcoin has already reached an all-time high versus the Argentine peso, and it is expected that the crypto asset will continue to rise in value against the fiat currency, which continues to struggle.

David Chen, a Senior Director at Huobi Cloud, said that the increasing demand for crypto related products makes Argentina a perfect entry point for Huobi as the firm pursues the promotion of cryptocurrency and blockchain technology.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.