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cryptocurrency investor Uruguay All ready for seamless access to their favorite crypto asset, the recently installed Bitcoin bitcoin (BTC) ATM project. As part of a strategic partnership between two local companies in Uruguay, URUBit and inBierto, a Bitcoin ATM has been unveiled in the popular seaside city of Punta del Este, which is flocking to tourists from all over the world. Through this ATM project, Uruguay has become the 11th South American country to actively support the adoption of cryptocurrencies by local investors.
As crypto becomes a billion-dollar global industry, governments and commercial entities are expanding their investments in the field.South America has been openly supporting cryptocurrency By constantly pushing the industry to thrive in the region. Before Uruguay’s BTC ATM, South America had launched 79 ATMs in different regions, accounting for nearly 0.2% of the total global BTC ATM installations. The installation of ATMs in Punta del Este may encourage the use of cryptocurrencies in the area, which is a bustling tourist attraction and represents a major source of tourism revenue.
According to the official announcement, the ATM currently supports withdrawals and deposits of five top cryptocurrencies. The list includes tokens such as BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT), and Urubit (URUB). FRT and URUB tokens are native cryptocurrencies managed and backed by URUBit and inBierto respectively. Speaking about the project, Adolfo Varela, CEO of inBierto, affirmed that the program is 100% government-funded. inBierto is a strong crypto investment firm and an active member of the Uruguayan Fintech Chamber of Commerce, a startup accelerator dedicated to the Fintech sector. On the other hand, URUBit is a crypto project running on Binance Smart Chain.
When it comes to cryptocurrencies, the South American country Colombia leads the region, the report shows. There are 31 ATMs on record in the country. Second place is Brazil with 22 ATMs, while third place is Argentina with 11 ATMs. Countries such as Ecuador, Aruba and St. Kitts, Venezuela, Nevis have a crypto ATM. In early 2020, Senator Juan Sartori introduced a draft bill focusing on the regulation of cryptocurrencies and their use in commercial payments. The senator has shown no interest in adopting cryptocurrencies as legal tender.
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