The Brazilian Stock Exchange, B3, confirmed that in six months, it wants to introduce its initial official product BTC (Bitcoin) futures trading, which would be centered around the crypto market. André Milanez, the chief financial officer of the group, made the respective declaration while appearing at a conference occurring on Monday.
No details were provided by Milanez regarding the operability of the product. It is yet ambiguous whether B3 will make a collaboration or will directly offer the trading of BTC futures, however, it was stated that the respective product has a considerably less timeline for its launch. He stated that the coming 3 months will be the time for them to get the task done.
The available ETFs on B3
In Brazil, at present, retail and organizational investors are permitted to trade up to 11 ETFs via B3 with having crypto exposure, taking into account Investo’s NFTS11; QDFI11, QETH11, and QBTC11 all belonging to QR Assets as well as WEB311, DEFI1, ETHE11, BITH11, HASH11, and META11 all dealing with Hashdex, among the others. Apart from this, in Brazil, up to 25 investment funds are present that are authorized on the behalf of the CVM (Securities and Exchange Commission) that provide diverse forms of exposure to the market of crypto assets.
ETH and BTC futures to enter the Brazilian crypto market
In January, the information technology director at B3, Jochen Mielke de Lima, had in advance mentioned that the stock exchange of Brazil would introduce some products with crypto exposure in the coming year, taking into account ETH (Ethereum) futures and BTC (Bitcoin) futures. At the very time, it was pointed out by the executive that the crypto market had keenly been watched by the Brazil-based stock exchange from an industrial viewpoint since 2016.
As per the statement, the only question to be settled by B3 is if the negotiations against the Brazilian real or United States dollar would be conducted. A reference index is needed for the futures contracts, hence, if the group opts for the local currency of Brazil, it will be compulsory to develop an index of crypto assets in reals, which is considered to be unique.
The representative of B3 also asserted to discover the methods for the provision of data inputs for the CBDC (central bank digital currency) of the country. Along with the ETH and BTC futures, B3 also expects to provide its services to the nationwide crypto exchanges as well as attempts to turn into a centralizer of settlement and custody-related activities, as per Jochen Mielke de Lima.
The post Brazilian Stock Exchange Is All Set To Launch BTC And ETH Futures appeared first on CryptocyNews.com.
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