The new Bitcoin Futures index in Argentina is expected to launch on the Matba Rofex exchange in May, it is also the first index approved in Latin America.
The Argentine securities regulator has authorized the launch of a Bitcoin-based futures index on the Matba Rofex exchange. The Bitcoin futures contract will begin trading in May, and the exchange claims it will be the first Bitcoin futures index regulated in Latin America.
As part of its innovation strategy, the country’s securities regulator, the National Commission of Value (CNV), authorized the Bitcoin futures index. The Bitcoin futures index launched in the first quarter of 2022; the innovation agenda focuses on establishing a space for public-private collaboration to develop innovative capital market products.
The Bitcoin futures contract will be based on the BTC price supplied by various entities in the country that offer BTC/ARS trading pairs. All transactions will be resolved in the national fiat currency, and traders must deposit Argentine pesos via bank transfer.
A contracting exchange must ensure a valid contract with a payment services provider registered with the Central Bank of the Argentine Republic for providing and using payment services in the country.
The transparent and regulated Bitcoin futures index would provide qualified investors a safe method to gain Bitcoin exposure. In addition, the CNV has requested that Matba Rofex Exchange include alerts that notify investors of the associated risks with these financial instruments.
Argentina is struggling with high inflation and has sought solace in Bitcoin. Amid skyrocketing inflation, the peer-to-peer Bitcoin trading volume in the country has also reached new heights.
A recent law proposed by the Ministry of Economy encourages and incentivizes citizens to declare their crypto holdings. Over the years, the South American nation has developed a pro-crypto stance, and crypto adoption has nearly doubled compared to neighboring countries.
Additionally, the introduction of the Bitcoin futures contract occurs within a week of Binance’s announcement of its expansion into Argentina. CEO of Binance Changpeng Zhao announced the latest approval.
