Uruguay is on the cusp of installing its first Bitcoin ATM. The Coinbase machine will be installed in a mall to help people who want to buy cryptocurrency but don’t know how much they’ll need, or where they can sell it for cash.
The “uruguay bitcoin atm” is a machine that allows users to purchase Bitcoin. Uruguay has reportedly installed its first Bitcoin ATM.
According to reports, Uruguay has put in place its first Bitcoin (BTC) ATM, making it the eleventh nation in South America to openly promote the use of cryptocurrencies. Prior to Uruguay’s participation, South America was home to 79 ATMs, or 0.2% of all BTC ATM installations worldwide.
According to mbito, Punta del Este, a prominent tourist destination in the area, has the first cryptocurrency ATM installed in Uruguay. The first Bitcoin ATM in Uruguay was created and set up in collaboration with URUBit and inBierto, two local cryptocurrency businesses.
The Uruguayan cryptocurrency ATM presently accepts deposits and withdrawals for BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT), and Urubit (URUB). In-house cryptocurrencies FRT and URUB are distributed and maintained by URUBit and inBierto, respectively.
The program is entirely sponsored by the Uruguayan government, according to Adolfo Varela, CEO of inBierto. In addition to being a member of the Uruguayan Chamber of Fintech (Cámara Uruguaya de Fintech), a business accelerator specializing in the fintech industry, inBierto is a cryptocurrency investing platform. A decentralized cryptocurrency named URUBit was developed in Uruguay and implemented on the Binance Smart Chain (BSC).
According to data from Coin ATM Radar, Colombia now has 31 crypto ATM installations, followed by Brazil and Argentina with 22 and 11 installations, respectively, in the South American market.
One cryptocurrency ATM has also been built in Saint Kitts and Nevis, Aruba, Ecuador, and Venezuela, among other South American nations.
Cointelegraph’s request for comment from inBierto has not yet received a response.
Senator from Uruguay presents legislation to allow the usage of cryptocurrency for payments
A draft law to regulate cryptocurrencies and make it possible for companies to accept them as payment was presented by a senator from Uruguay last year.
Senator Juan Sartori expressed opposition to the use of cryptocurrency as legal cash, as Cointelegraph reported. In its place, he advised:
“Today, we offer a law that aims to provide a legitimate, safe, and legal usage in companies involved in the creation and marketing of virtual currencies in Uruguay.”
The “bitcoin news” is that Uruguay reportedly installs its first Bitcoin ATM. The machine was installed at the local branch of Bitcion Suisse, a company that provides services for bitcoin users in the country.