The National Commission of Value (CNV), the securities regulator of Argentina, has approved the country’s first regulated Bitcoin futures index to debut on the Matba Rofex exchange. The Bitcoin (BTC) futures contract will begin trading in May, making it the first regulated Bitcoin futures index in Latin America. The approval of the Bitcoin futures index is part of Argentina’s strategic innovation agenda, which aims to develop new and creative products in the capital market through public-private collaboration.
The Bitcoin futures contract will be based on the price of BTC provided by various entities in Argentina offering BTC/ARS trading pairs. All trades will be settled in the national fiat currency, and traders will be required to deposit Argentine pesos through bank transfer. To provide and use payment services in the country, an exchange must have a valid contract with a payment services provider registered with the Central Bank of the Argentine Republic.
The launch of the regulated Bitcoin futures index offers qualified investors a safe and regulated way to gain BTC exposure in a transparent environment. However, the CNV has also asked the Matba Rofex exchange to incorporate alerts that warn investors of the risks associated with such financial instruments. With the high inflation rate in Argentina, many citizens have turned to Bitcoin to mitigate its effects. The country’s peer-to-peer Bitcoin trading volume has also hit new highs as a result.
The approval of the Bitcoin futures index comes just a week after Binance announced its expansion to Argentina, indicating the growing interest in cryptocurrencies in the country. Argentina has taken a pro-crypto stance over the years, with crypto adoption nearly double its neighboring countries. The Ministry of Economy recently proposed a bill that encourages citizens to declare their crypto holdings and incentivizes them with tax benefits.
The approval of the Bitcoin futures index in Argentina provides a safe and regulated way for qualified investors to gain BTC exposure in a transparent environment. As the country struggles with high inflation, the launch of the Bitcoin futures contract comes as citizens turn to Bitcoin as a way to mitigate its effects. With a pro-crypto stance and growing interest in cryptocurrencies, Argentina is becoming a favorable destination for crypto-related businesses and investments.