Argentina’s National Commission of Value (CNV) has approved a Bitcoin futures index for trading on the Matba Rofex exchange.
The Bitcoin futures contract is set to begin trading in May, and is reportedly the first regulated Bitcoin futures index in Latin America.
The approval of the Bitcoin futures index is part of the country’s strategic innovation agenda, aimed at fostering public-private collaboration to create new products in the capital market.
The Bitcoin futures contract will be based on the BTC/ARS trading pairs provided by various entities in the country. All trades will be settled in the Argentine peso, and traders will need to deposit the fiat currency through bank transfer. The use of payment services in Argentina must also comply with the regulations set forth by the Central Bank of the Argentine Republic.
The approval of the Bitcoin futures index is expected to provide qualified investors with a transparent and regulated way to gain exposure to BTC. The CNV has also requested that the Matba Rofex exchange incorporate alerts that warn investors about the risks associated with financial instruments like Bitcoin futures.
As Argentina continues to grapple with high inflation, many citizens have turned to Bitcoin as a way to protect their assets. Peer-to-peer Bitcoin trading volume in the country has also surged in recent months amid the rising inflation.
The approval of Bitcoin futures trading on Matba Rofex is expected to provide more options for Argentinians looking to protect their wealth in the face of inflation.