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Uruguay unveils first bitcoin ATMs

 


Small South American country Uruguay has deployed its first Bitcoin ( BTC ) ATM, becoming the 11th country in South America to encourage public adoption of cryptocurrencies. So far, however, the continent is home to only 79 Bitcoin ATMs, which is only 0.2% of all crypto ATMs worldwide.


As the news portal Ambito reports , the machine was set up in the coastal town of Punta del Este, which is considered a tourist magnet. The "Bitcoin-ATM" was developed through the cooperation of the two local crypto companies URUBit and inBierto.


The ATM initially only supports deposits and withdrawals in the form of the cryptocurrencies Bitcoin, Binance Coin ( BNB ), Binance USD (BUSD), Ferret Token (FRT) and Urubit (URUB). FRT and URUB are the proprietary cryptocurrencies of URUBit and inBierto, respectively.


In this context, Adolfo Varela, the managing director of inBierto, explains that the entire project is 100% financed by the government of Uruguay. InBierto is a crypto trading platform that is a member of Uruguay's Chamber of Fintechs (Cámara Uruguaya de Fintech), a government funding program for the fintech industry. URUBit, in turn, is a decentralized crypto project from Uruguay, based on the Binance Smart Chain (BSC).


As Coin ATM Radar data shows, Colombia leads South America with 31 ATMs. This is followed by Brazil and Argentina with 22 and 11 crypto ATMs, respectively, in 2nd and 3rd place.


Other South American countries such as Ecuador, Venezuela, Aruba and Saint Kits and Nevis have also each deployed a crypto ATM.


InBierto has not yet responded to Cointelegraph's request.


A senator from Uruguay paved the way for more crypto adoption last year with a corresponding bill to regulate the asset class.


As Cointelegraph reported, Senator Juan Sartori stated at the time:



"We want to legalize and make safe the business use and handling of virtual currencies in Uruguay."

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