Argentina is going big with Bitcoin
As per the report from Bloomberg, the largest futures market in Argentina known as Rofex ( or Mercado de Termino de Rosario ) is planning to add bitcoin services to the market. Initially offering is expected to provide custody services for the digital currency and the possibility for bitcoin to be used as collateral in futures trading. Rofex head Diego Fernández in an interview said:
Although the approach to clients is “still in a laboratory stage,” with blockchain services and others related to cryptocurrencies as possibilities, “our idea is to make an announcement before the end of the year”
The high interest in bitcoin can be attributed to the sharp rise in cryptocurrency market globally inflating the market cap to near $200 billion up more than 10 times from $18 billion at the beginning of this year. Bitcoin has already crossed $7500 trading at life time high. This announcement follows CME Group Inc. statement about launching bitcoin futures before end of this year.
While some nations like China and Korea have a cautious stance on cryptocurrency, others like Argentina have been embracing bitcoin as a store of value as a counter to inflation and devaluation of currency. Rofex also hopes to add bitcoin futures, if the idea is approved by the regulatory authority. Bitcoin is trading at 132409.25 in ARS ( $7508 in USD ) on Ripio at the time of publishing this post.
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