Uruguay reportedly installed the first Bitcoin (BTC) ATM, making it the 11th country in South America to publicly encourage the adoption of cryptocurrencies. Prior to Uruguay’s involvement, South America hosted 79 ATMs. That’s 0.2% of the world’s BTC ATM installations.
According to Ambit, Uruguay’s first cryptocurrency ATM was set up in the coastal city of Punta del Este, a major tourist attraction in the region. Uruguay’s first Bitcoin ATM was developed and installed in collaboration with two local crypto companies, URUBit and inBierto.
Uruguay crypto ATMs currently support withdrawals and deposits of five cryptocurrencies: BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT) and Urubit (URUB). FRT and URUB are in-house cryptocurrencies managed and distributed by URUBit and inBierto, respectively.
Adolfo Varela, CEO of inBierto, has confirmed that this initiative is 100% funded by the Government of Uruguay. inBierto is a crypto investment platform and a member of the Fintech Chamber of Commerce (Cámara Uruguayade Fintech) in Uruguay, a startup accelerator focused on the fintech sector. URUBit is a decentralized token created in Uruguay and deployed on the Binance Smart Chain (BSC).
According to data from Coin ATM Radar, Colombia has so far led the South American market with 31 crypto ATMs, followed by Brazil and Argentina with 22 and 11 respectively.
Other South American countries such as Ecuador, Venezuela, Aruba, Saint Kitts and Nevis also have one crypto ATM.
inBierto has not yet responded to Cointelegraph’s request for comment.
Related: Introduced a bill that allows Senator Uruguay to use cryptocurrencies for payments
Last year, a Uruguayan senator submitted a bill calling for regulations on cryptocurrencies and allowing businesses to accept crypto payments.
As Cointelegraph reported, Senator Juan Sartori wasn’t keen on adopting crypto as fiat currency. Instead, he suggested:
“Today we are submitting a bill aimed at establishing the legal, legal and safe use of cryptocurrencies in the business related to the production and commercialization of cryptocurrencies in Uruguay.”