After warning about the risks of crypto assets on the financial system after its collapse in 2021, Argentina authorized the use of financial instruments linked to cryptocurrencies for the first time.
These are new
bitcoin (BTC) futures contracts
to attract investments in pesos and regulated by local legislation.
The National Securities Commission (CNV) authorized the regulation of said futures contracts on the
Bitcoin Matba Rofex Index
, with negotiation and settlement in Argentine pesos and without delivery of the underlying asset.
The index created in 2021
replicates the average price of Bitcoin
in pesos based on data from the twelve main market participants.
"The conformation of said index will be made from information on the price of Bitcoin provided by different price providers, entities that facilitate the operation of the BTC / ARS pair, with deposit of Argentine pesos through bank transfer," explained the
CNV
in a statement.
Matba Rofex is the main place where futures contracts are traded, in particular the dollar future.
A future operation consists of a contract in pesos where two parties fix the value of an asset, at a future date.
When that date arrives, the seller or buyer can make a profit or loss, depending on whether the official currency price is higher or lower than the contract price.
In this case, the new contract will have the main digital currency as the underlying asset, which
this Monday broke the barrier of US$ 30,000
.
The objective is "to adapt to the regulatory challenges imposed by new technologies for the provision of financial products, as well as to encourage the development of novel and innovative products by its regulated subjects in the capital market," the agency said.
"It is not a new regulation, the regulations for the authorization of futures contracts have not been modified and are of general scope, the CNV has the power to authorize these contracts like any other instrument of the capital market and the particularity of this authorization is that what This contract is going to follow is the Matba Rofex Bitcoin index," they explained to the CNV.
The agency indicated that although it does not have jurisdiction or exercise any supervision or control over these providers, it requires Matba Rofex to establish as an eligibility condition that they
have a current contract with a Payment Service Provider (PSP), registered with the Central Bank.
for the provision and use of its payment services in the country.
"In this way, qualified investors will be able to acquire exposure to Bitcoin price variations in a safe and transparent way through
derivative products traded under regulated market infrastructures
," the authorities said in their statement.
In the market it generated mixed reactions.
On the one hand, some operators interpreted it as a possible and dangerous way to channel "future CCL dollar" because an asset that is bought and sold in dollars is traded in pesos in the future.
For others, on the other hand, it will allow investing in pesos under local regulation.
"They are futures in pesos in a regulated market intended for qualified investors, they allow exposure to BTC without the need to change currency or jurisdiction and without the practical complications involved in holding btc, in this way you can invest in btc but in a regulated environment," explained Javier Marcus, Business Manager at Southern Trust.
The new contracts would be aimed at companies
, which today have difficulties using cryptocurrencies as a means to become dollarized.
"Surely it will not be attractive for individuals who already buy btc freely but it opens an opportunity for those who have not yet dared or do not have easy access as it happens to many companies," added Marcus.
At the request of the CNV, Matba Rofex must incorporate "alerts" aimed at the investing public that warn about the risks associated with this operation and possible contingencies in the formation of the instrument.
From the BCRA, meanwhile, they said they were not involved in the resolution.
Both the CNV and the BCRA have warned in recent years about the risks of crypto assets due to their high volatility and the absence of deposit insurance or the safeguards of current regulations, incomplete information in price formation and the risk of money laundering. .
Nor do they consider them legal tender.