Argentina’s Biggest Futures Market to Add Bitcoin

2 weeks ago 7ring Comments Off on Argentina’s Biggest Futures Market to Add Bitcoin

The largest futures market in Argentina, the Mercado de Termino de Rosario (called Rofex) is considering offering Bitcoin futures to its clients, according to Bloomberg. The move comes as the country literally embraces the cryptocurrency in every sector due to the massive rise in inflation – termed bitcoinization.

While the futures potential in Argentina is huge, Rofex is hoping to capitalize on the potential quickly. The current process is still lin the ‘laboratory’ stage, but the exchange plans to make an announcement before the end of the year. According to the Diego Fernandez, the head of the Rofex:

“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.”

Following the trend

The adoption in the country, and the embracing of the new futures economy internationally, are signs of increasing awareness and growth for Bitcoin. The news follows the announcement by the Chicago Mercantile Exchange (CME) of BTC futures offerings.

The news from the CME is likely a driving force behind the substantial price increases, as the potential for mainstream adoption continues to increase.  Prices rose to over $7,500 per Bitcoin yesterday, but have retraced in recent trading.