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Argentina Regulator Authorizes Bitcoin Futures Index

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  • What – Argentina’s securities regulator, CNV (National Commission of Value) , has given the green light to the Matba Rofex exchange to list the Bitcoin futures index on the platform.
  • Why – The announcement inaugurates the Bitcoin futures index in the country. 
  • What Next – Per the announcement by government watchdog CNV, the Trading of the Bitcoin (BTC) futures contract is scheduled to commence in May. 

The endorsement of the Bitcoin futures index is a critical component of Argentina’s innovation roadmap, which seeks to build fresh and inventive products in the country’s capital market by leveraging public-private partnerships.

More Bitcoin Investment Opportunities for Locals

The latest approval by the National Commission of Value (CNV) presents an exciting opportunity for locals to participate in the cryptocurrency market. The BTC futures contracts will allow individuals to benefit from the price of Bitcoin, the mother of all cryptocurrencies, without owning the asset itself. These contracts can be deposited in Argentine pesos, the country’s official currency, through bank transfers.

The upcoming Bitcoin futures contract will be anchored on the price of BTC provided by multiple entities in Argentina that offer BTC/ARS trading pairs. Transactions will be settled in the national fiat currency, and traders will be obligated to deposit Argentine pesos through bank transfer. 

The National Commission of Value’s approval for listing the BTC futures index on the local exchange is part of a broader strategy to embrace new technologies and promote various monetary products to the population. To carry out such contracts, the exchange Matba Rofex must must ensure a valid agreement with a Payment Services Provider (PSP) registered with Argentina’s central bank.

Andres Ponte, chief of the Matba Rofex exchange, expressed his excitement about becoming the first platform in Latin America to facilitate its clientele with regulated BTC futures. However, it’s essential to note that the platform will also warn investors about the potential risks associated with dealing in cryptocurrency due to its notorious volatility.

Cryptocurrencies have recently gained significant popularity in Argentina, possibly due to the country’s political turmoil and monetary issues. With the approval of the BTC futures index, local investors now have an opportunity to participate in the cryptocurrency market in a more regulated and secure manner.

The government’s endorsement of the Bitcoin futures index has arrived on the heels of Binance’s announcement to expand its operation to Argentina, benefitting from the nation’s increasing enthusiasm for cryptocurrencies. Notably, Argentina has recently seen a major cryptocurrency adoption, with nearly double the rate compared to its neighbouring countries. The government’s Ministry of Economy has also proposed a bill encouraging Argentines to disclose their crypto holdings. In achieving such an objective, the bill provides tax benefits to crypto holders as an incentive.

Troubling Inflation Rates Could be the Factor

According to many observers, the high inflation in Argentina could be the factor behind this unusual adoption of cryptocurrencies. The country’s annual inflation surpassed 100% recently, the most in the previous three decades. In contrast to the Argentinean peso, Bitcoin’s worth has increased multifold in recent months to $30,000. 

This is not the only example when a country’s high inflation forces its natives towards other investing opportunities to guard their hard-earned incomes. Lebanese and Turkish residents, who also happened to face similar circumstances, have been seen shifting their focus towards cryptocurrency in recent times. 

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