The alleged first cryptocurrency ATM has been installed in Uruguay and was 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 whose primary route for purchasing crypto relies on peer-to-peer markets. Uruguay enters the crypto ATM era Uruguay has received its reported first cryptocurrency ATM in its territory, which is already 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 software part of the system,...
The alleged first cryptocurrency ATM has been installed in Uruguay and was 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 whose primary route for purchasing crypto relies on peer-to-peer markets.
Uruguay has received its reported first cryptocurrency ATM on its territory, which is already the case Furnished 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 software part of the system, 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 trust in the country's cryptocurrency market, where most crypto trading takes place in peer-to-peer markets that cannot be transacted through banking due to a lack of regulations. With a cryptocurrency ATM, the possibility of becoming a victim of fraud is eliminated. Varela believes they will continue to grow and expand their crypto ATM network across the country. He stated:
We intend to continue growing in Maldonado, then in Colonia, Montevideo and by the end of the year we want to cover the entire national territory. So what happened to us was that other countries 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 have not introduced Ethereum support for the machines as they rely on the Binance Smart Chain (BSC) to process transactions. Varela explained that Ethereum's fees would discourage users from using the machine and that is why BSC integration was chosen instead.
Cryptocurrency regulation remains a gray area in the country, but the central bank has one Explanation declared in October last year that these assets are neither legal nor illegal and that citizens can use them while being aware of the risks they carry.
In one document issued In December, the Central Bank of Uruguay draws up a roadmap for the regulation of crypto assets, proposing to review current laws and make changes to incorporate them into various existing regulations, rather than creating a law on virtual assets that encompasses the universe of these assets in just one project.
What do you think about the launch of the first crypto ATM in Uruguay? Tell us in the comments section below.
Photo credit: Shutterstock, Pixabay, WikiCommons
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