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As per reports, Uruguay built its first Bitcoin ATM

3 min reading

The first crypto ATM in Uruguay has been placed in Punta del Este, a famous tourist destination in the country.

Uruguay has allegedly installed its first Bitcoin (BTC) ATM, marking it the 11th South American country to actively promote crypto adoption. South America had 79 ATMs before Uruguay's participation, accounting for 0.2 % of global BTC ATM installations.

Uruguay's first crypto ATM, according to mbito, was placed at Punta del Este, a famous tourist destination in the country. Uruguay's first Bitcoin ATM was designed and implemented in collaboration with two local crypto firms, URUBit and inBierto.

The Uruguayan crypto ATM presently allows withdrawals and deposits for five cryptocurrencies: BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT), and Urubit (URUB). URUBit and inBierto operate and transfer the in-house cryptocurrencies FRT and URUB, respectively.

InBierto's CEO, Adolfo Varela, stated that the project was financed by Uruguay's government. inBierto is a crypto investing platform that is also a member of the Uruguayan Chamber of Fintech (Cámara Uruguaya de Fintech), a fintech-focused startup accelerator. URUBit is a decentralised token developed in Uruguay and currently available on the Binance Smart Chain (BSC).

According to Coin ATM Radar data, Colombia currently leads the South American market with 31 crypto ATM installations, followed by Brazil and Argentina, which have 22 and 11 installations, respectively.

Ecuador, Venezuela, Aruba, Saint Kits and Nevis are among the South American countries that have established a crypto ATM.

An Uruguayan lawmaker proposed a bill last year to manage cryptocurrency and allow enterprises to take crypto payments.

Senator Juan Sartori, as previously reported, was averse to the use of crypto as legal tender. Rather, he proposed:

“Today we present a bill that seeks to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.”

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