Argentina’s securities regulator has given the green light for the launch of a Bitcoin-based futures index on the Matba Rofex exchange. The trading of the Bitcoin futures contract is scheduled to commence in May, marking the first regulated Bitcoin futures index in Latin America.
Matba Rofex’s deputy general manager of financial markets, Ismael Caram, stated that the exchange aims to cater to clients who are unable to trade on unregulated exchanges in the regulated market, noting a growing but steady interest from clients seeking to increase their exposure to cryptocurrency assets.
The National Commission of Value (CNV) approved the inclusion of the Bitcoin futures index as part of a strategic innovation agenda that seeks to foster public-private collaboration in the capital market. This agenda, which began in Q1 of 2022, aims to generate new and innovative products in the financial sector.
Multiple entities that offer BTC/ARS trading pairs in the country will determine the value of BTC for the Bitcoin futures agreement. All transactions will be settled in the national fiat currency, and traders will be required to deposit Argentine pesos via bank transfer.
Any exchange wishing to provide these contracts must obtain a legitimate contract with a payment services provider registered with the Central Bank of the Argentine Republic and authorized to offer payment services within the country.
Argentina ranks among the top 15 countries in terms of cryptocurrency adoption, according to a 2022 Chainalysis report. The country is currently dealing with high inflation, leading many residents to turn to Bitcoin to mitigate its effects. This shift has resulted in unprecedented peer-to-peer (P2P) Bitcoin trading volume in the country.
Binance’s expansion into Argentina was quickly followed by the launch of the Bitcoin futures contract, as Binance CEO Changpeng Zhao announced. With the expansion approved, Argentines can now transfer pesos into a Binance account via a local partner, allowing them to purchase cryptocurrencies directly.
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