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Nov 03

Bitcoin Futures Coming to Argentina

There is so much going on with Bitcoin this week.   I just read this from Cryptocoins News.

Argentina’s largest futures market is getting ready to dip its toes into the bitcoin ecosystem.

Bitcoin is Coming to Rofex, Argentina’s Largest Futures Market

Josiah Wilmoth on 03/11/2017

As Bloomberg reports, the Mercado de Termino de Rosario — more commonly known as Rofex — is preparing to formally announce the addition of digital currency services to its platform. Following months of conversations, Rofex executives have created a preliminary framework that reportedly includes custody services, as well as the ability for clients to stake bitcoin as collateral for futures contracts. The formal announcement is expected to come by the end of the year.

Rofex is the second American futures market to reveal this week that it intends to begin engaging with the burgeoning crypto economy. U.S. exchange operator CME Group announced this week that it would become the first regulated U.S. exchange to offer bitcoin futures, but the Rofex proposal stops short of short of adding bitcoin futures contracts.

“I would clearly like to do bitcoins futures, because it’s our core business,” Rofex head Diego Fernandez told Bloomberg. However, that does not appear likely to happen in the near future, because the contracts would have to be approved by the National Securities Commission (CNV), the country’s regulatory agency, “and this involves a longer process and the need to build an index or a reference value.”

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