While the leading cryptocurrency Bitcoin continues to reach wider audiences after the spot BTC ETFs approved by the SEC in January, another approval came from Brazil.
Brazil's popular cryptocurrency exchange B3 announced that the country's securities regulator has given permission to offer Bitcoin futures to its customers, Reuters reports.
Accordingly, the exchange will start Bitcoin futures trading on April 17. The exchange said that the BTC futures contract allows transactions without the need to buy or sell actual Bitcoin.
Accordingly, Bitcoin futures will be pegged to the Nasdaq Bitcoin Reference Price, and each contract will represent 10% of Bitcoin's BTC value priced in Brazilian reals.
Speaking to Reuters, B3 senior executive said the following about the new Bitcoin development:
“The launch meets demand for a derivative that provides a hedge against Bitcoin price fluctuations or directional risk to the asset.”
With the latest BTC decision, Brazil continues to be one of the countries that attract attention with its positive attitude towards Bitcoin and cryptocurrencies.
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*This is not investment advice.
