José-Oriol Bosch Par, president of the Mexican Stock Exchange, said that he is evaluating the possible integration of financial instruments related to cryptocurrencies into the Exchange.
The Mexican Stock Exchange (BMV) could list cryptocurrencies among its products. This is what revealed its president José-Oriol Bosch Par, during a keynote speech broadcast this week. Bosch said that the Mexican stock market is studying the possible integration of financial instruments related to cryptocurrencies. Specifically, the president of the Exchange pointed out that it is possible to list futures and some cryptocurrency ETFs, if the country's regulatory authorities allow it.
During the conference, Bosch, recognized by Bloomberg Line as one of the most influential people in the stock market sector, explained about the technology blockchain, digital assets and investments within the crypto space, including some basic concepts such as blocks, hash, double-spending, among others.
For the president of the BMV, cryptocurrencies are part of the evolution of money, which is why he has been talking with the regulatory authorities of Mexico to analyze the possibility of listing instruments that allow exposure to these digital assets. Bosch acknowledged that Mexican regulators maintain a rather reserved and cautious position on the subject but that, if approved, the new instruments would be available through the Derivatives Market (MexDer), a subsidiary of the Stock Exchange.
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Cryptocurrency futures and ETFs on MexDer
Bosch said that the Mexican Stock Exchange's interest in listing products and instruments related to cryptocurrencies is due to the great boom in digital assets, both in the country and globally. “At one time it was unthinkable that a piece of plastic could represent money and today transfers can be made electronically. All of this is part of the natural evolution that we are seeing.”He said.
In Mexico, according to the executive, there is a great demand for this type of product. Therefore, it is possible that the BMV will follow the example of other stock exchanges and financial markets in the world and begin to list cryptocurrency futures and ETFs, when regulators allow it. The BMV wants to offer exposure to the volatility and potential for appreciation of cryptocurrencies, to satisfy the growing demand of its investors.
Mexico and cryptocurrencies
As we have explained in Bit2Me News, cryptocurrencies continue to gain popularity and expand throughout the world. And Mexico is no exception to this revolution.
In June of this year, Ricardo Salinas, the third richest man in the country, reported on the possibility of offering access to Bitcoin and cryptocurrencies through Banco Azteca. Although Mexico's Treasury Secretary spoke out and reiterated that cryptocurrencies are not legal in the country due to their high risks, Salinas said that he is in the process of making Banco Azteca the first bank in the country to offer financial services with Bitcoin and other crypto assets.
Mexico has also been participating in the world of NFTIn mid-June, contemporary artist Juan Carlos Del Valle He launched the first artwork as NFT in the country and in Latin America. The work, called “Viva”, was tokenized on blockchain and auctioned at the Mexican auction house Morton, where it sold for 90.000 Mexican pesos; approximately 4.400 dollars.
Latin America
Cryptocurrencies have been booming in other countries on the American continent. In September, El Salvador officially became the first country in the world to make Bitcoin its legal tender, while Brazil is the first to approve Bitcoin ETFs and Ethereum in the region. Cuba recently legalized payments and remittances with cryptocurrencies. On the other hand, nations such as Panama, Paraguay and Uruguay are analyzing new legislation to regulate crypto assets and promote financial and technological innovation in their territories.
Continue reading: Banco Azteca users will soon start using Bitcoin, says Ricardo Salinas
