The Argentinian government is cracking down on the digital currency trading sector as it seeks to prevent citizens from dumping the inflationary local currency.
The hackers identified and infected a government server storing a decade’s worth of encrypted government files in Argentina, freezing access on demand of payment in BTC.
The South American country has typically been supportive of allowing crypto-related activity, even instituting crypto payments to pay for public transportation.
Buenos Aires hopes by providing residents a better ID system, they will also be better served by city services.
Huobi Group Founder Leon Li recently met with senior Argentinian finance officials to discuss the role blockchain could play in that country’s future.
In a meeting with Argentinean President Mauricio Macri, the venture capitalist reportedly said he would double his investments in Argentina if the peso gained value at a higher rate than Bitcoin.
Binance is poised to introduce its exchange to the country, possibly in the very near future, CEO Changpeng Zhao hinted.
The agreement between Binance and the government will see Argentina providing matching funding of up to $50,000 for blockchain projects.