The first cryptocurrency ATM has been installed in Uruguay, developed as a joint initiative between Urubit and Inbierto, two national crypto companies. This represents a significant milestone for the country, which is estimated to have between 40,000 and 50,000 cryptocurrency users, whose primary avenue for buying crypto is through peer-to-peer marketplaces.
Uruguay enters the era of crypto ATM
Uruguay received its first cryptocurrency ATM in its territory, which is already installed in Punta del Este, a city located in the southeast of the country. The cryptocurrency machine was developed by two national crypto companies: Urubit and Inbierto. The first focused on the software part of the system, and the second provided the hardware for the ATM.
Adolfo Varela, CEO of Inbierto, says one of the purposes of this machine is to create trust in the cryptocurrency market in the country, where most crypto-trading takes place on peer-to-peer markets. -peer who cannot go through the banking sector due to lack of regulation. With a cryptocurrency ATM, the possibility of being scammed would be eliminated. Varela believes they will continue to grow and expand their network of crypto ATMs across the country. He stated:
We intend to continue growing in Maldonado, then Colonia, Montevideo and by the end of the year we want to have coverage throughout the national territory. With this, it happened to us that other countries consulted us to be able to install it.
The crypto ATM installed only supports five cryptocurrencies (including two national tokens): ferret token, urubit, bitcoin, binance coin (BNB) and binance USD (BUSD). The companies have not introduced Ethereum support on the machines as they rely on the Binance Smart Chain (BSC) to process transactions. Varela explained that Ethereum fees would deter users from using the machine, which is why BSC integration was chosen instead.
Regulating a gray area in the country
Cryptocurrency regulation remains a gray area in the country, but the central bank issued a statement in October last year saying that these assets were neither legal nor illegal and citizens could use them anytime. being aware of the risks involved.
In a document published in December, the Central Bank of Uruguay lays out a roadmap for regulating crypto assets, proposing to review current laws and make changes to include them in various existing regulations, instead of creating a law on virtual assets to encompass the universe of these assets. in one project.
What do you think of the launch of the first crypto ATM in Uruguay? Tell us in the comments section below.
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