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Argentinian Futures Exchange Eyes Bitcoin Offering

Argentina's largest futures market, Mercado de Termino de Rosario or Rofex, is considering offering cryptocurrency products to investors.

Nov 3, 2017 at 11:30 a.m. UTC
Updated Sep 13, 2021 at 7:07 a.m. UTC

Argentina's largest futures market has aired plans to offer bitcoin services to investors.

According to a Bloomberg report today, the Latin American country's Mercado de Termino de Rosario (Rofex) is focusing on how it might offer cryptocurrency futures as part of its suite of offerings. Rofex has preliminarily drafted its plans to provide custody services for the digital asset and the use of bitcoin as collateral in futures trading for its clients.

Rofex head Diego Fernandez said in an interview that the possible offering is at "laboratory stage" and that the firm plans to make an announcement "before the end of the year."

Notably, Fernandez also indicated how, for mainstream financial institutions, cryptocurrencies are increasingly being seen as another way to extend business lines.

When asked why Rofex would provide the service, he responded "because it's our core business," though he added that the company would still need to seek regulatory approval before launching any bitcoin product.

The news follows on the heels of U.S.-based futures firm CME Group's announcement this week that it plans to launch bitcoin futures contracts by the end of this year. That move is also pending regulatory approval.

Argentinian pesos image via Shutterstock

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