Huobi Group has continued to expand its network of local cryptocurrency exchanges based on the Huobi Cloud platform, launching a trading platform in Argentina.

Huobi Argentina plans to create a local team and fiat gateway to trade or convert Argentine pesos into cryptocurrencies, the company said in a statement .

The payment channel will be launched by mid-October. It is assumed that users of Huobi Argentina will be able to make deposits using bank cards, transfers and through the most common digital payment systems in the region. Currently, you can purchase cryptocurrencies for pesos through the Huobi OTC service.

The opening of the Huobi cryptocurrency exchange in Argentina came at a time when the economy of this second largest country in Latin America was in a deep crisis. This year alone, inflation reached 55%, and President Mauricio Macri recently introduced new restrictions on access to foreign currencies.

According to Carlos Banfi, head of Huobi Argentina, a consensus has already been reached in Argentina on the rejection of local currency and banking services.

“The growing demand for crypto products and services makes Argentina an ideal starting point for Huobi to implement large-scale projects to promote cryptocurrencies and blockchain to the market, ” said David Chen, senior business director of Huobi Cloud.

Recall that earlier the Huobi Group announced plans to expand its activities in emerging markets and open 150 sites under the Huobi Cloud program. Since the launch of Huobi Cloud in 2018, more than 120 trading platforms have been created on its basis, including in Thailand, Turkey, Indonesia and Russia .

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