Uruguay is about to install its first Bitcoin ATM. The Coinbase machine will be installed in a shopping mall to help people who want to buy cryptocurrency but don’t know how much they need, or where to sell it for cash.
The “uruguay bitcoin-atm” is a machine that allows users to buy Bitcoin. Uruguay has reportedly installed its first Bitcoin ATM.
According to reports, Uruguay has introduced its first Bitcoin (BTC) ATM, making it the eleventh nation in South America to openly promote the use of cryptocurrencies. Before Uruguay’s participation, South America was home to 79 ATMs, or 0.2% of all BTC ATMs worldwide.
According to mbito, Punta del Este, a prominent tourist destination in the area, has installed the first cryptocurrency ATM in Uruguay. The first Bitcoin ATM in Uruguay was created and set up in collaboration with URUbit and inBierto, two local cryptocurrency companies.
The Uruguayan cryptocurrency ATM currently accepts deposits and withdrawals for BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT) and Urubit (URUB). Internal cryptocurrencies FRT and URUB are distributed and maintained by URUbit and inBierto respectively.
The program is fully sponsored by the Uruguayan government, said 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 investment platform. A decentralized cryptocurrency called 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 ATMs, followed by Brazil and Argentina with 22 and 11 installations in the South American market, respectively.
There is also one cryptocurrency ATM built in Saint Kitts and Nevis, Aruba, Ecuador and Venezuela, among other South American countries.
No response has yet been received to Cointelegraph’s request for comment from inBierto.
Uruguay Senator Presents Legislation To Allow The Use Of Cryptocurrency For Payments
A bill to regulate cryptocurrencies and allow businesses to accept them as payment was presented last year by a senator from Uruguay.
Senator Juan Sartori expressed his opposition to the use of cryptocurrency as legal money, Cointelegraph reported. Instead, he advised:
“Today we are proposing a law that aims to provide a legitimate, safe and legal use in companies involved in the creation and marketing of virtual currencies in Uruguay.”
The “bitcoin news” is that Uruguay is reportedly installing its first Bitcoin ATM. The machine is installed at the local branch of Bitcion Suisse, a company that provides services to bitcoin users in the country.
Related Tags
- uruguay cryptocurrency regulations
- uruguay currency
- btc to usd
- production costs bitcoin:
- where can i buy bitcoin in uruguay
