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0:00:00 Crypto Exchange to Open in Crisis-Stricken Argentina, Where Bitcoin is at an ATH
0:00:06 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:12 Huobi Group, the operators of one of the world’s largest crypto asset trading venues, has announced that it will launch a digital currency exchange in Argentina.
0:00:21 The new platform is expected to go live in mid-October.
0:00:24 Huobi is moving into Argentina as that nation’s economy once again teeters on the edge of collapse.
0:00:30 The government has recently introduced capital controls to try and stop the rapid devaluation of the Argentine peso.
0:00:37 Such measures might make Bitcoin and other digital currencies attractive to a population already distrusting of central banks.
0:00:45 According to an article published today by Reuters, the Huobi Group has plans to launch a branch of its crypto asset exchange in Argentina.
0:00:52 The exchange will allow users to deposit the local currency, the peso, and exchange it for Bitcoin and a host of other digital assets.
0:01:00 Users could already buy cryptocurrency using the peso at Huobi’s OTC exchange service.
0:01:06 However, the introduction of an exchange-proper will allow for Argentinian citizens to buy digital currencies using a variety of different funding methods.
0:01:15 These include credit cards, wire transfers, and digital payment providers like the local service Mercadopago.
0:01:22 It’s understandable for Argentinians to distrust their central banks and currency.
0:01:27 The nation has a long history of economic crisis and reliance on IMF loans.
0:01:32 Recent developments, such as a primary election victory of a leftist opposition leader over the current pro-business government has rocked the markets, forcing the government to introduce capital controls once again.
0:01:43 Thanks for checking this video!
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