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January 16, 2022

Uruguay Has Set Up Its First Bitcoin ATM

Uruguay has apparently installed its first Bitcoin (BTC) ATM, making it the 11th South American country to do so officially. South America had 79 ATMs prior to Uruguay’s entry, accounting for 0.2 percent of global BTC ATM installations.

Uruguay’s first crypto ATM, according to mbito, was built in the coastal city of Punta del Este, a popular tourist destination in the region. URUBit and inBierto, two local crypto startups, collaborated to build and install Uruguay’s first Bitcoin ATM.

BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT), and Urubit are the five cryptocurrencies currently supported by the crypto ATM in Uruguay (URUB). URUBit and inBierto, respectively, maintain and distribute in-house cryptocurrencies FRT and URUB.

InBierto’s CEO, Adolfo Varela, affirmed that the program was fully sponsored by the Uruguayan government. inBierto is a cryptocurrency investing platform and a member of the Uruguayan Chamber of Fintech (Cámara Uruguaya de Fintech), a fintech business accelerator. URUBit is a decentralized cryptocurrency that was launched in Uruguay and is now available on the Binance Smart Chain (BSC).

Colombia currently leads the South American market with 31 crypto ATM installations, followed by Brazil and Argentina with 22 and 11 installations, respectively, according to Coin ATM Radar.

Other South American countries with crypto ATMs include Ecuador, Venezuela, Aruba, and Saint Kitts & Nevis.

Last year, a lawmaker from Uruguay submitted a measure to regulate bitcoin and allow businesses to accept cryptocurrency payments.

Senator Juan Sartori, according to Cointelegraph, is opposed to crypto becoming a legal tender. Instead, he said:

“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.”

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