Argentina Approves Bitcoin Futures Index

The Argentinian regulators (National Commission of Value) have decided to approve the launch of Bitcoin-based futures which would debut on the Matba Rofex exchange. The trading will start in May, which makes it the first regulated Bitcoin future in South America. The futures will be used as a part of an agenda for strategic innovation. The focus of this agenda is to create a forum for public-private collaboration and the creation of better projects. 

The working principle behind the futures will depend on BTC’s price in the domestic market. The trade will occur in fiat currency and be deposited through a bank transfer. The exchange has to ensure that the contract is valid with a registered payment services provider. It would provide a safer way for investors to trade in a safe and transparent environment. 

In light of the current inflammation, Argentina has turned to cryptocurrencies, especially, Bitcoin to improve the situation. The Ministry of Economy has posted a bill to encourage people to declare their assets and crypto holdings to get higher tax benefits.