OKCoin International, a Hong Kong-based cryptocurrency/fiat exchange, is setting up in Argentina. This follows its September expansion to.
“A Region with More Smartphones Than Bank Accounts”
Specifically, in exchange for the Argentine peso, the exchange will be able to offer most major cryptocurrencies.
The company says: “It’s a genuinely exciting time for Latin American cryptocurrency investors. This is a region with more smartphones than bank accounts, and its population is eyeing crypto tokens with interest.”
OKCoin International handled $1.2 million in cryptocurrency trading in the last 24 hours according to coinmarketcap.com. Its crypto-to-crypto entity, OKEx, registered $1.6 billion.
As much as the subsidiary is bigger, however, it is more controversial. In March 2018, a cryptocurrency trader presentede that OKEx was fabricating the majority of its trading volumes, an accusation that the exchange . In May, the CEO of OKEx without giving a reason.
Don’t Cry for Me
When you think of cryptocurrency and South America, Venezuela is most probably the first place that comes to mind. The state’s economy has collapsed due to government mismanagement, and President Nicolas Maduro decided to create an , the Petro, to restore faith (as well as to ).
In August, the fiat currency of the country had become so worthless that Maduro took the of pegging it to the Petro. More recently, the government decreed that. In this environment, accept cryptocurrency, and many people are mining from home – electricity in the country is heavily subsidised.
In Chile, cryptocurrency businesses found themselves homeless in April, when all the national banks decided to . After taking them to the supreme court,.
Binance, OKEx’ main competitor, recently held a meetup in Córdoba. Not to be outdone, it is currently looking for a place to set up in South America too.
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