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.”

read original article here