Huobi CEO Meets with Argentina’s Deputy Minister of Finance: BTC Can Reduce Demand for USD

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.

About Huobi

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.

Today's Bitcoin (BTC) Price Analysis with Top Altcoin Predictions: Ethereum (ETH), Ripple (XRP) and NEO

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today