Bitcoin and Ethereum Spot ETFs Enter New Territory Amidst Continuing Inflow
Surge.
Amidst a surge in Bitcoin and Ethereum spot ETFs inflows in the US a new country has opened up its door for spot ETF trading.
Spot ETFs approved to counter inflation in Argentina.
In an aim to modernise its financial system and adopt digital assets for economic growth, Argentina has annou nced that it is opening up its market for spot ETFs. The country's financial regulator Comisión Nacional de Valores (CNV) approved the entry of US crypto-related exchange-traded funds (ETFs), giving new investment opportunities to the traders of the region.
This is being done through the CEDEAR programme which comes under Regulation No. 1030 which has made Bitcoin and Ethereum spot ETFs available for trading. Earlier, spot ETFs were prohibited as part of the Law No. 27440. With this move, Argentina has taken a major step towards integrating cryptocurrency with capital markets.
Announcing the spot ETFs availability in Argentina, CNV President, Roberto E. Silva said: "It is a pleasure to announce these first approvals, which constitute new investment options provided for in this very innovative law,"
The CNV also announced that they are authorising gold ETFs and the S&P 500 Index along with Chinese stock market indexes. This is in line with the broader efforts to promote access to passive management indices, digital assets and commodities in an attempt to diversify investment options for traders.
The spot ETF approval is in sync with President Javier Milei's plan of stimulating the digital economy of Argentina to counter hyperinflation. The inflation has already dropped to below 200% from nearly 300% seen in April this year, making it the ideal time to introduce crypto ETFs which will modernise the financial system and adopt digital currency innovation.
It's worth remembering that Argentina is one of the Latin American countries where Bitcoin transactions are allowed and BTC mining is publicly showcased by the Central Bank of Argentina (BCRA).
