Huobi crypto exchange announced its expansion to Argentina due to a favorable attitude towards cryptocurrency acceptance in the country. Senior business director at Huobi Cloud David Chen commented:
“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”
Huobi Argentina is planning to facilitate crypto-fiat transactions after opening a fiat gateway next month. This gateway will allow Argentinians to buy cryptocurrencies for pesos via credit cards, wire transfers, and other payment methods, which could eventually help citizens fight national currency devaluation.
Argentina's inflation rate is second only to Venezuela. This August, according to Trading Economics, the Argentine peso reached an all-time high inflation rate, which indicated the insufficiency of previous measures, including foreign currency control. This volatile situation has lead to wider-than-average cryptocurrency adoption, which counts for 16% of respondents who use or own cryptocurrency, according to Statista.