Reportedly First Cryptocurrency ATM Put in in Uruguay

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The supposedly first cryptocurrency ATM 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 whose primary way of buying crypto relies on peer-to-peer markets.

Uruguay is entering the crypto ATM era

Uruguay has received its reported first cryptocurrency ATM on its territory, which is already installed in Punta del Este, a city in the south-east of the country. The cryptocurrency engine 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 instill confidence in the country’s cryptocurrency market, where most crypto trading takes place in peer-to-peer markets, which are not through banking due to a lack of regulations can be processed. With a cryptocurrency ATM, the possibility of becoming a victim of fraud should be 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. With this it happened to us 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 therefore the BSC integration was chosen instead.

Regulation is a gray area in the country

Cryptocurrency regulation remains a gray area in the country, but the central bank issued a statement last October stating that these assets are neither legal nor illegal and that citizens can use them while being aware of the risks .

In a document published in December, the Central Bank of Uruguay is preparing a roadmap for crypto-asset regulation, proposing to review current laws and make changes to include them in various existing regulations instead of creating a virtual assets law, encompassing the universe of these assets in just one project.

What are your thoughts on the launch of the first crypto ATM in Uruguay? Let us know in the comments section below.

sergio@bitcoin.com '

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game when he entered the cryptosphere in December 2017. He has a computer engineering background, lives in Venezuela and is socially affected by the cryptocurrency boom about crypto success and how he is helping the non-banks and the underserved.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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