By 
Nov 3, 2017
Bitcoin keeps growing all over the world. In Argentina, the virtual currency made a new step. The Mercado de Término de Rosario (Rofex), decided to offer some services in cryptocurrencies. The decision comes after the decision of the Argentinian Central Bank not to regulate cryptocurrencies.
The Futures Market in Argentina
Rofex, the most important futures market in Argentina will offer blockchain services and other cryptocurrency related investments, reported Bloomberg. “Blockchain is a trending term. This famous global chain, famous for being the backbone of Bitcoin, will start to be used by our training team”, Rofex commented in a statement.
Rofex head, Diego Fernández, said to Bloomberg News that the idea is to make an important announcement before 2018. “We could accept bitcoin as a guarantee of futures contracts,” he added.
After the price uprising that Bitcoin experienced in the last times, institutional investors are starting to pay attention to it. The CME Group Inc. announced just some days ago, that it will introduce Bitcoin futures by the end of the year. In this way, Bitcoin starts to enter into the mainstream financial world. Besides that, the Chicago Board Exchange has also said that it is exploring Bitcoin derivatives opportunities.
Other investors like Mike Novogratz or Bill Miller are investing in cryptocurrencies. Mr Miller has described Bitcoin as a “true disruptor and a true innovation in money”. At the same time, Mike Novogratz said that Bitcoin is the biggest bubble in our lifetime.
Argentinian Bitcoin Market
Argentina is one of the first countries using Bitcoin. Since 2012 and until 2016, Argentina suffered for tight currency controls. It was difficult, if not impossible, to buy dollars at the official price. Individuals had to buy them in the black market with the risks that this situation involved. Bitcoin was a way of escaping those controls and avoiding the Central Bank regulations.
Lucas Llach, Vice-President of the Argentinian Central Bank, commented to CoinStaker that they are not going to regulate cryptocurrencies. At least for the moment. “We do not have the intention, at least the immediate intention, to issue a national cryptocurrency”, answered Llach to our question.
Other countries experience a different situation. China and South Korea decided to ban Initial Coin Offerings in September. But China took a further step and closed cryptocurrency exchanges. Bitcoin price lost almost half of its value, but since then, it does not stop to grow.
Coin Dance LocalBitcoins ARS volume
Bitcoin trading volume is growing in Argentina. This year, the weekly trading volume is around $1,800,000 Argentine pesos (102,300 US dollars). Some weeks ago, the volume picked up to $2,129,000 million pesos.
Bitcoin price crossed $7400 dollars level some hours ago and it does not seem to find a reversal trend. Buyers keep appearing and pushing the price up. It is expected that until the next Bitcoin Hard Fork (SegWit2x) the price will keep growing. After it, experts believe that there will be a price correction.
Image courtesy of Pixabay
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[…] by big investors since more institutions are adding Bitcoin to their investment options. The Chicago Mercantile Exchange will soon launch Bitcoin futures to their platform. This will allow several institutional and […]