Bitcoin Futures Index Approved in Argentina

An Argentinean futures index based on Bitcoin that will go live on the Matba Rofex exchange has received approval from the country’s securities authority. 

The National Commission of Value (CNV), the nation’s securities regulator, established the Bitcoin futures index as part of an innovative strategic plan.

The exchange asserts that the Bitcoin BTC futures contract will be the first authorized Bitcoin futures index in Latin America when it starts being traded in May. 

Bitcoin Futures Index to Offer Indirect Exposure to Crypto

A qualified investor would have access to a secure mechanism to obtain exposure to BTC in a regulated and open environment utilizing the regulated Bitcoin futures index. The CNV has also requested that the Matba Rofex exchange add alerts that inform investors of the dangers of using these financial products.

In order to generate innovative and creative supplies for the capital market, the innovation agenda, which was introduced in the first quarter of 2022, is concentrated on providing a place for public-private collaboration. 

The price of BTC as reported by several domestic businesses that provide BTC/ARS trading pairs will serve as the basis for the Bitcoin futures contract. All transactions will be paid in Argentine pesos by bank transfer, and all transactions will be completed in the local currency of the country.

An exchange offering these contracts must make sure it has a legal contract with a supplier of payment services that is registered with the Central Bank of the Argentine Republic in order to supply and utilize payment services in the country.

In the past, suggestions for a unified currency have been discussed and made by Argentina and Brazil. BTC was also recommended by Brian Armstrong, the CEO of the American cryptocurrency exchange Coinbase, as being a preferable alternative for the Brazil-Argentina Common Currency. 

According to a report, Alberto Fernandez, the president of Argentina, and Luiz Inacio Lula da Silva, the president of Brazil, have both stated that they are working on creating a single currency.