First Regional Bitcoin Exchange Comes Up in Latin America to Challenge Local Currencies

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First Regional Bitcoin Exchange Comes Up in Latin America to Challenge Local Currencies
First Regional Bitcoin Exchange Comes Up in Latin America to Challenge Local Currencies

First Regional Bitcoin Exchange Comes Up in Latin America to Challenge Local Currencies

Bitcoin has been receiving a lot of accolade from the locals in Argentina and other Latin American countries. Now, with the first ever regional Bitcoin exchange Bitex.la, users will have a choice to get Bitcoin in countries like Colombia, Mexico, Spain and the US. The founders of the regional exchange hope to expand to more countries in the near future.

The news from the local media in Argentina show that the Buenos Aires-based exchange will also be providing services to the locals as they have been craving for the digital currencies like Bitcoin and Litecoin for quite long. Also, there are suitable conditions for Bitcoin growth in Argentina and the exchange wants to cash in it.

Argentina has favorable conditions for the growth of Bitcoin as the country has an unstable currency and booming black market demand for US dollars. The entire situation has created an opportunity for Bitcoin entrepreneurs to gain a significant foothold for the industry and at the same time help the people who want a better alternative payment method.

According to various reports Argentina is facing huge inflation and the locals are seeking alternatives to government issued currency for which they try various options like buying USD in black. If Bitcoin exchange is able to provide better alternative for these millions of people in Argentina, it will definitely become a challenge for the national currency.

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Huge Demand for Bitcoin in Argentina

Alan Safahi, CEO of cash-to-Bitcoins, talking to media professionals some time ago had admitted that a lot of pent-up demand for Bitcoin in Argentina was being seen He said that he saw people in the streets come up to and try to convert dollars into Bitcoin. Thus, it looks the situations are well prepared for Bitcoin; it just needs a robust services provider.
Without a doubt Bitex.la wants to cash in the situation and hopes to establish itself as a

trusted digital currency and banking alternative to the status quo. Recently, the exchange received $2m of financing from a UK investment firm which also aims to provide the capital needed to follow through with the project.

Bitcoin is facing the issue not just of legitimacy but also popularity, particularly after the decline of the prices from $1200 in October the last year to $500 which it is hovering around. The latest exchange in Argentina will enhance not just presence but also the credibility and value of Bitcoin.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com