Argentina Approves Bitcoin Futures Index Settled in Pesos

    Argentina’s securities regulator, the National Commission of Value (CNV), has approved the launch of a bitcoin futures index settled in Argentine pesos. The Matba Rofex exchange is set to debut the index in May 2023, after receiving official approval on April 11.

    The introduction of the bitcoin futures index is part of Argentina’s strategic innovation plan, which aims to promote the release of innovative products in the country’s capital markets through public-private collaboration.

    Bitcoin futures contracts are derivatives that track the performance of bitcoin, the world’s largest cryptocurrency by market capitalization. Typically, the index’s average price is aggregated from various regulated exchanges. In this case, the CNV-approved bitcoin futures index will be derived from exchanges that list the BTC/ARG pairs.

    The CNV also stated that all bitcoin futures contracts will be settled in Argentine pesos once trading commences. Accredited traders will be required to deposit funds via a bank transfer before posting positions, and there will be no delivery of the underlying asset.

    This move by Argentina’s securities regulator is a positive step towards the widespread adoption of bitcoin and cryptocurrencies in the country’s capital markets. It may also encourage other regulators and financial institutions worldwide to follow suit.

    As the use of cryptocurrencies becomes increasingly mainstream, it is important for regulators to provide a clear legal framework and guidelines for the trading and settlement of digital assets. The approval of a bitcoin futures index settled in pesos is a positive development for the cryptocurrency industry in Argentina, and may serve as a model for other countries looking to integrate cryptocurrencies into their capital markets.

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