JAKARTA - An soon-to-be-launched futures Bitcoin index has received approval from Argentine securities regulators. It is reported that this Bitcoin futures index will launch in May on the Matba Rofex exchange, and will be the first in Latin America to be regulated by financial authorities.
This decision was taken by the National Value Commission (CNV), Argentina's securities regulator, as part of a strategic innovation agenda to strengthen the capital market in the country.
Additional information, the futures Bitcoin index is an index that measures the futures Bitcoin contract price in the financial market. The futures Bitcoin contract is a contract that allows investors to buy or sell Bitcoin on a future set date at previously agreed prices.
The futures Bitcoin index usually includes futures Bitcoin contract prices from several designated exchanges or trading platforms, and is calculated based on the average price or certain weights of these prices.
This futures Bitcoin contract will depend on Bitcoin (BTC) prices on various platforms in Argentina that offer BTC/ARS trading pairs. Investors will complete trading transactions in Argentina's national currency, Pesos, via bank transfer.
However, as a condition of approval from regulators, exchanges offering futures Bitcoin contracts must have valid agreements with payment service providers listed under the Central Bank of Argentina.
The newly launched Bitcoin futures index is expected to provide a secure exposure to BTC for eligible investors, in a transparent and regulated environment. CNV has also ordered the Matba Rofex exchange to implement a warning informing investors of the risks involved, as an effort to protect investor interests.
Argentina Faces High Inflation Level, Society Switches To Bitcoin
Argentina is currently facing a very high inflation rate, which has prompted the public to seek protection from the negative effects of inflation. The trading volume of peer-to-peer Bitcoin in the country has even hit a new record high, as a sign that more and more people are exploring investment and payment options using Bitcoin.
In dealing with this situation, Argentina's Ministry of Economy has proposed a new law encouraging citizens to report ownership of their crypto assets. The move is expected to allow authorities to provide incentives to crypto owners with tax benefits, as an effort to regulate the use of cryptocurrencies in the country's economy.
In the face of growing interest in cryptocurrencies in Argentina, several prominent international exchanges have planned to expand their operations in the country. CNV's futures Bitcoin contract approval comes just days after Binance, one of the world's largest crypto exchanges, announced its expansion strategy in Argentina.
In fact, Binance has announced a new offer that allows Argentine users to deposit fiat money into Binance wallets and buy crypto with their balances.
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