Uruguay reportedly installs its first Bitcoin ATM


Uruguay has reportedly installed its first Bitcoin (BTC) ATM, making it the 11th South American country to publicly encourage crypto adoption. Prior to Uruguay’s involvement, South America hosted 79 ATMs, which represented 0.2% of global BTC ATM installations.

According to Ámbito, Uruguay’s first crypto ATM was installed in the coastal city of Punta del Este, a major tourist attraction in the region. Uruguay’s first Bitcoin ATM was developed and installed in partnership with two local crypto companies — URUBit and inBierto.

The crypto ATM in Uruguay currently supports withdrawal and deposits of five cryptocurrencies, namely — BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT) and Urubit (URUB). FRT and URUB are in-house cryptocurrencies managed and distributed by URUBit and inBierto respectively.

Adolfo Varela, the CEO of inBierto, confirmed that the initiative was 100% funded by the government of Uruguay. inBierto is a crypto investment platform, who is also a member of the Uruguayan Chamber of Fintech (Cámara Uruguaya de Fintech), a startup accelerator focused on the fintech sector. URUBit is a decentralized token created in Uruguay and deployed in the Binance Smart Chain (BSC).

Data from Coin ATM Radar shows that Colombia leads the South American market with 31 crypto ATM installations to date, who is followed by Brazil and Argentina at 22 and 11 installations respectively.

Other South American countries such as Ecuador, Venezuela, Aruba and Saint Kits and Nevis have also installed one crypto ATM.

inBierto has not yet responded to Cointelegraph’s request for comment.

Related: Uruguayan senator introduces bill to enable use of crypto for payments

Last year, an Uruguayan senator introduced a draft bill seeking to regulate cryptocurrency and enable businesses to accept crypto payments.

As Cointelegraph reported, senator Juan Sartori was not keen on adopting crypto as a legal tender. Instead, he suggested:

“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.”


Like it? Share with your friends!

Bicryptor

0 Comments

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format