The Deputy Minister of Finance of Argentina, Felix Martin Soto, recently went to Beijing, China. There, he met with several investors, including The CEO of Huobi Group, Leon Li. At the meeting, the two executives discussed the future of Argentina and its relationship with cryptocurrencies.
Soto claimed that the government should be more in favor of cryptos during the talks. According to him, cryptos and the blockchain technology could be used to promote Argentina’s financial inclusion in the world, as well as to reduce the state costs and to diminish the demand for the dollar, which is causing the country’s inflation to be so high.
According to the deputy minister, more than half of the Argentinians do not have bank accounts and use cash mostly. Therefore, they operate cash transactions by converting their money to USD. If the crypto industry, specially Bitcoin, was more popular in the country, it could drastically reduce the demand for USD in Argentina.
This, he believes, would be important to stabilize the local markets, which would attract more global investors to the country and improve the economy.
The meeting also included Javier Matias Mana, the Director-General of the Bilateral External Finance Bureau of Argentina. He discussed the expansion of Huobi in Argentina. Both Argentine representants wanted to improve the cooperation between crypto exchanges and the country.
For instance, the tokenization of many natural resources like mineral and energy sources, as well as agricultural projects, were discussed. With Huobi’s expertise in the area, the duo believed that the company could pose an important role in accelerate the pace in which digital assets are growing in the country.
Argentina’s President and Tim Draper
Argentina has been recently on the crypto spotlight for another important reunion. This month, the president of Argentina, Mauricio Macri, met with Tim Draper, an important entrepreneur from the crypto industry.
During the meeting, Draper, a notorious crypto bull, affirmed that Bitcoin could improve Argentina’s economy and disrupt major problems of the country like the dependency of the dollar and associated brain drain.
Huobi is one of the largest crypto exchanges in the world today. The company was founded in 2013 in China and it has grown a lot since then.
Last year, it had a growth of 100% despite the bear market, which affected trading volumes in the industry. Recently, the company has announced a new subsidiary in Australia.