Argentina’s securities regulator – the National Value Commission (CNV) – has reportedly authorized local stock exchange Matba Rofex to launch regulated futures contracts on the Bitcoin index.
Argentines have recently shown growing interest in the leading cryptocurrency and other digital assets. One of the factors behind the surge in appetite could be the worrying inflation rate in the country and the political instability.
Additional BTC Options for Locals
BTC index futures will be enable premises to gain exposure to the price of the main cryptocurrency without having to own the asset. Deposits will be made in Argentine pesos – the official currency of the country – by bank transfer.
The NVC approval is part of a broad strategy to embrace new technologies and promote a variety of monetary products to the population.
The National Stock Exchange Matba Rofex must have a valid agreement with a Payment Service Provider (PSP) registered with the Central Bank of Argentina to initiate such contracts. Its president – Andres Ponte – praised the entity for becoming the first in Latin America to offer regulated BTC futures.
The platform will also warn investors of possible risks when dealing with the asset class due to its infamous volatility.
Cryptocurrencies have become increasingly popular in the South American country lately. Political chaos and currency issues could be a reason for this interest.
As CryptoPotato reported Last summer, many local crypto exchanges, including Binance and Lemon Cash, informed that the cost of buying Tether (USDT) in Argentine Pesos (ARS) had increased significantly. It should be noted that this happened at a time when Martin Guzman – former Minister of Economy – resigned from his post, hinting at additional problems for the national economy.
Worrying Inflation
The inflation rate in Argentina is also a factor to watch. Annual numbers recently topped 100%, not seen since the 1991 hyperinflation.
“The other day I came to ask for three tangerines, two oranges, two bananas and half a kilo of tomatoes. When he told me it cost 650 pesos ($3.22), I told him to take everything out and leave only the tomatoes because I didn’t have enough money,” an elderly woman described. named after Irene Devita, describing the situation in her native country.
Contrary to the devaluation of the Argentine peso, the price of bitcoin has been heading north over the past few months. It recently passed the $30,000 mark, registering an 80% increase since the start of the year.
Residents of many countries facing similar problems, such as the Lebanese and the Turks, have already quirky their focus on the main digital asset and other tokens.
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