Recently, Binance CEO Changpeng Zhao took to Twitter to speculate about a potential exchange popping up in Argentina. This discussion came after Argentina announced that they are encouraging blockchain businesses to come to the area. In a recent announcement, the government of Argentina’s Ministry of Production and Labor stated that they will be co-investing in blockchain projects along with an investment from Binance. In the details of the announcement, Binance stated that they will be matching any investment up to $50,000 for any Argentinian based blockchain project (as long as they are backed by Venture Arm Labs and Founders lab, a local accelerator).
A very interesting note about blockchain companies being encouraged to move to Argentina, is recently the local bitcoins volume has started to dramatically increase. A graphic from https://coin.dance/ below shows that in Argentina the Argentinian peso volume for buying bitcoin has recently started to pick up. It is important to note that this volume is not in US dollars, however, there is still a substantial amount of Argentinian peso being used to buy bitcoin according to the volume data from local bitcoins.
In a lot of my articles, I discuss the concept of “adoption.” In general, I think the global adoption of cryptocurrencies, blockchain, and cryptographic technology is inventible. While this adoption seems inevitable from a technological standpoint, this will undoubtedly be a slow and drawn out process to the masses. It is important to realize that for a global adoption event to take place, even the smaller nations with weaker economies need to be participating. It is defiantly a positive note that the local volume in Argentina is picking up, and continuing to surpass its previous high in volume.
Argentina’s Ministry of Production and labor has agreed to invest in various blockchain startups for a four year period along with Binance. Ella Zhang from Binance labs commented on the angel investments by stating that “Argentina is at the forefront of blockchain adoption and we’ve witnessed how it’s becoming home to some very passionate blockchain communities during our trip there.” CZ took to twitter a couple of days after the news broke, his tweet is screenshotted below.
It is clear in this tweet that CZ has some big plans for Argentina, planning to potentially open a fiat to crypto exchange. Binance has already opened fiat-to-crypto exchanges in Singapore, Lichtenstein, Jersey, and Uganda. CZ believes that Argentina is the next destination for Binance and Binance labs, and it is exciting to see rising bitcoin otc volume in the region. To wrap up, it is encouraging to see Binance expanding to new places where cryptocurrency is emerging. Binance undoubtedly is a huge superpower in the cryptocurrency space and helping spread adoption worldwide.
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