Senior Argentinian Finance Officials Asserts Crypto Adoption Could Reduce US Dollar Demand

by | Mar 30, 2019 | Cryptocurrency, Cryptocurrency News

 Argentina |  Crypto Adoption | Dollar | Cryptocurrency

Leon Li,  CEO of Huobi Group reportedly met senior Argentinian finance officials this week in order to discuss the role of blockchain and crypto in the country’s economy. 

According to a press release shared with Cointelegraph on March 29,  Felix Martin Soto Argentina’s Deputy Minister of Finance claimed during the meeting in Beijing that the government should address crypto and blockchain tech as a way to promote Argentina’s financial inclusion and reduce state costs.

Soto currently leads Argentina’s international financial relations elaborated that half of the country’s population does not have bank accounts and operate cash transactions by converting their savings to United States dollars. As per him, promoting crypto industry in the country will aid in reducing its USD demand, that subsequently will contribute to stabilizing the local market and attracting global investment.

Notably, the parties also discussed a potential expansion of Chinese exchange Huobi to Argentina, during a  delegation meeting that also included Argentina’s Director-General of the Bilateral External Finance Bureau, Javier Matias Mana. Soto elaborated:

We would like to learn how to participate in cryptocurrency and blockchain industry from Huobi. […] Through tokenization on Huobi’s platform, for example, Argentina’s plentiful agricultural, mineral and energy resources could be well financed by global investors.”

He further concluded that “[w]ith Huobi’s expertise in blockchain and cryptocurrency, Argentina can accelerate its pace to digital assets era.

Currently ranked 12th largest globally by adjusted daily trading volume, Huobi is a major global crypto exchange. Despite a massive bear market in 2018, the exchange recently reported a 100 percent growth in trading volume in 2018 over 2017. Notably, Huobi announced that Huobi’s Australian subsidiary will be operated by a team at Huobi Global’s Singapore headquarters due to poor market conditions and associated recent staff redundancies at Huobi Australia.

Read more: Universal Protocol Alliance Will Launch A Euro-Pegged Stablecoin In April

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