According to reports, the first cryptocurrency automaton installed in Uruguay-Emerging Markets
According to reports, the first cryptocurrency automaton installed in Uruguay-Emerging Markets
The allegedly the first ATM for cryptocurrencies was installed in Uruguay and developed as a joint initiative by Urubit and Inbierto, two national crypto companies. This represents a milestone for the country, which is estimated to have between 40,000 and 50,000 cryptocurrency users, the main path of which is based on the purchase of crypto on peer-to-peer markets.
uruguay enters the crypto-atm era
Uruguay has received his reported first cryptocurrency monkey machine in its territory, which is already the case set up in punta del este, a city in the southeast of the country. The cryptocurrency machine was developed by two national crypto companies: Urubit and Inbierto. The former focused on the system's software part, and the latter provided the hardware for the ATM.
Adolfo Varela, CEO of Inbierto, explains that one of the goals of this machine is to create confidence in the country's cryptocurrency market, where most of the crypto trade in peer-to-peer markets takes place, which cannot be handled by banking due to a lack of regulations. With a cryptocurrency automatic machine, the possibility of becoming a victim of a fraud should be excluded. Varela believes that they will continue to grow and expand their crypto-atm network across the country. He indicated:
We intend to continue growing in Maldonado, then in Colonia, Montevideo, and we want to cover the entire territory by the end of the year. It happened to us that other countries have consulted us in order to be able to install it.
The installed crypto money machine only supports five cryptocurrencies (including two national tokens): FROTTCHE token, urubite, Bitcoin, Binance Coin ( BNB ) and Binance USD (Busd). The companies have not introduced Ethereum support for the machines because they put on the Binance Smart CHAIN (BSC) to process transactions. Varela explained that Ethereum's fees would prevent users from using the machine, and therefore the BSC integration was chosen instead.
regulation a gray area in the country
The regulation of cryptocurrencies remains a gray area in the country, but the central bank has a in October last year explains that these assets are neither legal nor illegal and that citizens can use them while they are aware of the risks they wear.
In a document issued In December, the Central Bank of Uruguay creates a timetable for the regulation of crypto-assets and suggests checking the applicable laws and making changes in order to include them in various existing regulations instead of creating a law on virtual assets that comprises the universe of these assets in just one project.
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