First Cryptocurrency ATM Reportedly Goes Live in Uruguay

The ostensible first cryptocurrency ATM has gone live in Uruguay, developed by a joint initiative of two national cryptocurrency companies, Urubit and Inbierto. This is a milestone for the country, which, in line with estimates, has between 40,000 and 50,000 cryptocurrency users, and whose primary route to cryptocurrency depends on peer-to-peer marketplaces.

Uruguay enters the era of cryptocurrency ATMs

Uruguay has reportedly received its first cryptocurrency ATM within its borders, which has been installed in the city of Punta del Este in the southeastern part of the country. The cryptocurrency machine is developed by 2 national cryptocurrency companies: Urubit and Inbierto. The former takes the software package as the core and is a part of the system, and the latter provides the hardware for the ATM.

Adolfo Varela, head of operations at Inbierto, said that one of the goals of the machine is to build trust in the country’s cryptocurrency market, as most cryptocurrency transactions take place in banks that cannot afford it due to a lack of banking P2P marketplace for business. rule. With a cryptocurrency ATM, the possibility of falling victim to a scam is allegedly eliminated. Varela believes they will continue to grow and increase their network of cryptocurrency ATMs across the country. He said:

We will continue to develop in Maldonado, then Colonia, the capital of Uruguay, and by the end of the year we hope to have nationwide coverage. With this, it happened to the United States that different countries have consulted the United States to prepare to install it.

The drop-in crypto ATM only supports 5 cryptocurrencies (including 2 national tokens): Ferret Token, urubit, Bitcoin, Binance Coin (BNB) and Binance Dollar (BUSD). Since they trust Binance Smart Chain (BSC) to process transactions, these businesses have yet to introduce Ethereum support to the machines. Varela explained that Ethereum fees prevent users from using the machine, which is why the BSC integration was chosen.

Regulation in domestic grey areas

Cryptocurrency regulation is still an area in the country, but the financial group issued a bulletin last October declaring the assets illegitimate or illegal, and voters can use them while addressing the risks they pose.

In a document published in December, the Uruguayan financial organization set out a roadmap for the regulation of crypto-assets, recommending reviewing existing laws and making changes to incorporate them into numerous existing rules, rather than creating a virtual addition to include those laws with few projects. asset.

post First Cryptocurrency ATM Reportedly Goes Live in Uruguay first appeared in bitcoin wire.

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