Binance reportedly considering a fiat-to-crypto exchange in Argentina

Binance reportedly considering fiat-to-crypto exchange in Argentina

Argentina has become one of the hottest countries in South America for cryptocurrency activity. This is due, in part, to what has been deemed by some as inflation that is out of control and more Argentinians embracing Bitcoin and other digital currencies in an effort to keep themselves afloat. The Binance exchange is determined to be at the center of it all, already forming a blockchain alliance with the country’s government. Now, it is considering the launch of a fiat-to-crypto exchange that will give it an even stronger position in the country. 

According to a tweet over the weekend by the exchange’s CEO, Changpeng Zhao, Binance is poised to introduce its exchange to the country, possibly in the very near future. In response to a tweet by CoinSpice regarding the Binance-Argentina government deal, Zhao stated, “Guess where we will have a new fiat-to-crypto exchange.”

The launch of a fiat-to-crypto exchange by Binance in Argentina doesn’t come as a complete surprise, as the company stated this past January that it was considering the idea. It also stated that it would possibly launch the platform in seven other countries, of which two were confirmed to be Singapore and Malta. The company has also introduced similar platforms in Lichtenstein, Jersey and Uganda. 

Zhao also tweeted, later in the same thread, “Decentralization implies free market. Anything could happen.” This could be an indication that the company plans on seeking to grab a place in virtually any and every market, independent of current regulations. 

While many countries, such as the U.S., are dragging their feet on crypto regulations, companies in the industry are turning to emerging markets to develop a stronger foothold, asserting that these will give them a stronger position going forward. Once western powers finally get around to introducing legislation, the companies will already have a strong position to expand into those jurisdictions and help facilitate the transition from fiat to crypto that will be taking place across the globe. 

Argentina already has 260 merchants that accept crypto as a form of payment. Of these, 190 are in Buenos Aires, where there are also eight crypto ATMs. A public transportation company, Alto Viaje, has also started accepting digital currencies, becoming one of the first in the world to make such a move.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.