First Cryptocurrency ATM Reportedly Installed in Uruguay – Emerging Markets Bitcoin News


The ostensible first cryptocurrency ATM has been installed in Uruguay, which was jointly developed by two national cryptocurrency companies, Urubit and Inbierto. This represents a milestone for the country, which is estimated to be home to 40,000 to 50,000 cryptocurrency users, whose primary way to buy cryptocurrencies relies on peer-to-peer marketplaces.

Uruguay enters the era of cryptocurrency ATMs

Uruguay has reportedly received its first cryptocurrency ATM in its territory, which is already It has been installed In Punta del Este, a city in the southeastern part of the country. The cryptocurrency machine was developed by two national crypto companies: Urubit and Inbierto. The former focuses on the software part of the system, the latter provides the hardware for the ATM.

Adolfo Varela, CEO of Inbierto, said one of the goals of the machine is to build trust in the country’s cryptocurrency market, where most cryptocurrency transactions take place in peer-to-peer markets that cannot be traded through banks due to a lack of regulation. Using a cryptocurrency ATM is said to eliminate the possibility of falling victim to a scam. Varela believes they will continue to grow and expand their cryptocurrency ATM network across the country. He said:

We intend to continue our development in Maldonado, Colonia, Montevideo and by the end of this year we hope to cover the whole country. With this, we have come across other countries that have consulted us to be able to install it.

The installed crypto ATM supports only five cryptocurrencies (including two national tokens): Ferret Token, urubit, Bitcoin, Binance Coin (BNB) and Binance USD (BUSD). The companies did not introduce Ethereum support for the machines because they rely on Binance Smart Chain (BSC) to process transactions. Varela explained that Ethereum fees prevent users from using the machine, which is why the BSC integration was chosen.

The grey area of ​​the regulatory state

Cryptocurrency regulation remains a grey area in the country, but central bank issues statement In October of last year, these assets were declared illegitimate or illegal, and citizens can use them while being aware of the risks they pose.

in a document release In December, the Central Bank of Uruguay laid out a roadmap for regulating crypto assets, recommending reviewing existing laws and making changes to incorporate them into various existing regulations, rather than creating a virtual asset law to include the scope of these assets in just one project. .

What do you think of the launch of the first cryptocurrency ATM in Uruguay? Let us know in the comments section below.

sergio@bitcoin.com'

Sergio Goshenko

Sergio is a cryptocurrency journalist in Venezuela. He describes himself being late to the game, entering the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and being affected by the cryptocurrency craze on a social level, he offers a different perspective on the success of cryptocurrencies and how it can help the unbanked and underserved.

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