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Huobi fiat-to-crypto exchange may address Argentina’s inflation problem

Argentina, long a cornerstone economy for Latin America, and the world’s eighth-largest country, has been plagued by debt and diminished financial opportunities. While this troubling reality plays out in different ways, one of the most obvious ramifications is the country’s inflation rate, which exceeded 50 percent in August 2019. Like citizens in many other countries with fractured governments and fledgling economies, consumers are turning to decentralized digital currencies to help maintain the value of their financial assets and to facilitate commerce. Recognizing the practical importance of cryptocurrencies in the global economy, Singapore-based Huobi Group, one of the largest crypto platforms in the world, is introducing an exchange in Argentina that will include a fiat-to-crypto cryptocurrency gateway. Tangible Tech Currently, Huobi’s OTC crypto service allows users in Argentina to purchase digital assets with Argentine Pesos; however, the fiat-to-crypto gateway will expand accessibility by enabling more buying methods for users. Specifically, Argentinian users will be able to buy crypto using credit cards, bank transfers, and local digital payment methods. Practically, this provides Huobi’s Argentinian users more flexibly when acquiring and using digital currencies as a direct replacement for the country’s national currency. With inflation driving up costs and reducing buying power, a seamless service can have a transformative effect on the local economy. The move reflects Huobi’s broad expansion into regions ready for a crypto transformation. In June, Huobi announced an expansion into Turkey, a country with close to 20 percent crypto adoption rate. Commenting on the launch, Carlos Banfi, CEO of Huobi Argentina, notes: “Argentina is South America’s most promising market for blockchain development. There already exists a general consensus to break from reliance on the local currency and banks, and with Huobi’s entrance into the market, it is a great opportunity to move the needle on blockchain and crypto adoption  in Argentina.” Huobi isn’t the only platform expanding into Argentina. In March, Binance announced a fiat-to-crypto exchange, but, despite their early announcement, Huobi brought their product to market first. Consumers Turn to Crypto Around the world, consumers aren’t waiting around for governments to repair their economies, choosing instead to embrace digital currencies as a practical way to participate in the economy. For instance, in Venezuela, where spiraling inflation rates are even more pronounced, consumers turned to Bitcoin to buy and sell the goods and services necessary to facilitate their daily lives. As Carlos Hernández, a Venezuelan economist, wrote in The New York Times, “Bitcoin has saved my family.” Meanwhile, in Argentina, crypto users are hoping that digital assets can help stave off the drastic implications of more fledgling economies. Huobi’s fiat-to-crypto gateway can play an important piece in these efforts, offering a quick way to maintain monetary value for local residents. In many ways, these efforts are reflective of the original intention for Bitcoin, which purposed to provide a decentralized value transfer system that operated outside of traditional financial vehicles. However, as world events continually demonstrate, platforms have to combine these two approaches by offering a simple way for users to translate fiat into crypto. That’s the tangible need for users in Argentina, Turkey, Venezuela, and beyond. What’s more, platforms like Huobi are preparing to fill the void. The post Huobi fiat-to-crypto exchange may address Argentina’s inflation problem appeared first on CryptoSlate.
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Huobi Plants Its Feet in Argentina, Establishes a Local Crypto Exchange

For Huobi, Argentina is the next spot for crypto growth. This is why the company started a local exchange in the country, hoping to gain a big chunk of the Argentine market. New exchange for local users Huobi, the Singapore-based company is trying to gain a strong foothold in South America by dominating the Argentine market. It is the second-largest cryptocurrency exchange in the world by trading volume. Recently, it announced the launch of a local exchange in Argentina that would help onboard local crypto investors using the local fiat, i.e. Argentine Peso (ARS). The country is going through hyperinflation because of which locals are increasingly turning towards digital currencies. They see crypto coins as a better source of value than their own currency and therefore want to use it for transactions as well. The exchange, therefore, will create an ARS onramp for the users. It will also establish a dedicated office focused on local resources. To manage the demand, it would be creating a fiat gateway that could help the users trade their local fiat currency for any of the supported cryptocurrencies. It will also focus on providing localized customer service and products to the users. Huobi’s Argentina plan Huobi Cloud’s senior business director David Chen commented on the company’s move, saying, “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.” The exchange will also allow users to buy digital coins using their bank-issued credit cards. They will also be able to deposit pesos or make wire transfers to the exchange to start trading. To compete with the local service providers, Huobi will offer users the option to get digital assets by a popular digital payments provider Mercadopago. Leon Li, the CEO of Huobi, has already discussed the idea of expanding into the Argentine economy. He met several high ranked officials to tell them about the role that blockchain could play in the country’s economic development. At the moment, the country’s hyperinflation is making users look for a different store of value. The peso has already lost over 50% of its value in 2019, panicking citizens. On the other hand, Huobi has expanded its operations rapidly in the last few years. It is now operational in the United States, Russia, South Korea, Japan, and Turkey- another economy where the value of the fiat currency experienced major issues. The post Huobi Plants Its Feet in Argentina, Establishes a Local Crypto Exchange appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
Cryptovibes

Huobi Launches Fiat-To-Crypto Exchange in Argentina

The official launch of Huobi’s newest product was announced today on the 17th of September. The project is dubbed Huobi Argentina and it will be supported by Huobi Cloud. The company is establishing a local team with localized operations and a direct fiat gateway, allowing users to trade their Argentine Peso (ARS) to crypto and vice-versa. Huobi Targets Local Markets Argentinian users will now be able to purchase cryptocurrencies with Argentine Peso (ARS) via Huobi’s OTC. However, Huobi Argentina, which is set to be launched in mid-October this year, will provide a direct fiat gateway. This feature will allow local traders to buy crypto via wire transfer, a credit card, and Mercadopago – one of the major digital payment providers in the country. The company’s idea is to provide an end-to-end exchange in Argentina and all necessary components for the job will be based in the country, including the customer support the language options. Huobi also promises lower fees, more trading pairs, and higher liquidity for its users. Blockchain Development in Argentina It’s safe to say that Argentina’s economy has been through a lot of issues of late. People are turning against banks because of the high volatility of the Peso. In turn, this led to a restriction on foreign currency purchases. The country’s government has already expressed its willingness to consider potential blockchain developments, causing people to believe that cryptocurrency adoption might be the solution. By extension, Huobi Argentina appears to be the most logical next step.  The CEO of Huobi Argentina, Carlos Banfi stated that the Argentine blockchain market is the most promising in South America. He continued: There already exists a general consensus to break from reliance on the local currency and banks, and with Huobi’s entrance into the market, it is a great opportunity to move the needle on blockchain and crypto adoption in Argentina. Banfi also expressed his hopes that the new exchange could help in attracting global investments to boost the local sentiment. The Senior Business Director at Huobi Cloud also added his point of view on the potential for blockchain development and adoption in the country: 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.   The post Huobi Launches Fiat-To-Crypto Exchange in Argentina appeared first on CryptoPotato.
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Huobi launches crypto-exchange in Argentina as ARS continues to fall in valuation

Hyperinflation, along with economic instability, has pushed the residents of Argentina into the adoption of cryptocurrencies. Singapore-based cryptocurrency company, Huobi group, has decided to take advantage if this discontent and has now launched an exchange in the South American country. Previously, Huobi Group had launched Huobi Cloud, a platform that enables individuals to develop crypto-exchanges […] The post Huobi launches crypto-exchange in Argentina as ARS continues to fall in valuation appeared first on AMBCrypto.
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All in this week’s News Digest: McAfee still has a lot of faith in crypto, Robert Shiller explains the roots of this faith, more new exchanges are coming, an investigation into Bitcoin price manipulation, and Verge is hacked again.

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