Argentina has been leading the way in the cryptocurrency market and has become one of the fastest countries to adapt bitcoin. According to an article in Bloomberg, Mercado de Rosario (Rofex), the most important and largest futures market in Argentina is thinking about making cryptocurrency services available for investors. I major factor that played in this decision is the rapid rise of inflation in the country.
Bitcoin is a digital currency that was designed as a decentralized e-payment system that would ensure free business finance and investment protection without having to use a financial institute allowing it to be free of regulations and constraints. By adapting this cryptocurrency system, the futures market will open itself up to new investors.
Rofex sees the obvious potential for bitcoin in Argentina’s futures market and is moving to take advantage of the huge potential quickly. For the moment the process is still in the testing stage but the possibilities include blockchain services. Some of the other features that were discussed include allowing clients to use cryptocurrency as assurance for futures trading.
During an interview with Bloomberg News, Diego Fernandez, head of Rofex, said the company plans to make an announcement very soon.
The global cryptocurrency market is experiencing a boom and Rofex has taken notice. The sector’s market capitalization started the year at $12 billion and has now grown to over $190 billion. The largest digital currency, bitcoin, has the biggest growth this year at over 630%, encouraging developers everywhere to try and create their own version of cryptocurrency in the hope of achieving the same success.
Argentina is just one of many other countries that are leaning toward bitcoins, especially ones with a history of sudden devaluation of inflation of the country’s currency. Digital currency allows individuals to conduct international transfers and not have to go through the financial sector.