Uruguay has installed the country’s first cryptocurrency ATM on its territory, which has been placed in the metropolis of Punta del Este, located in the southeastern part of the country.
The first Bitcoin ATM in Uruguay was designed and installed in collaboration with two local cryptographic companies: URUBit and inBierto which they called UTM (Universal Transaction Machine).
The ATM will accept any wallet capable of generating transactions using QR codes. The ATM was jointly developed by Uruguayan crypto experts Open (Ferret Token) and Urubit and integrates U-Teller.
Adolfo Varela, director and founder of inBierto, a company that has grown 1,200% in the past 25 days, said he plans to add other types of cryptocurrencies in the future, specifying that ATMs will offer digital currencies and at face value Collection. Market, according to the Montevideo Portal.
The machine reportedly processed more than 1,000 crypto transactions in just the first few hours of being open to customers over the weekend.
The first crypto ATM in the country
According to information from the local press, the ATM, which will be called UTM, will be opened on January 1 in an area called “Smart Point”. According to Varela, ATM is the start of a project that aims to expand to Montevideo, Uruguay’s capital, and then to the rest of the country and region. These companies have yet to introduce support for Ethereum on their machines, as they rely on Binance Smart Chain (BSC) to process transactions. Varela explained that the Ethereum tariff would prevent users from using the machine, so the BSC integration was chosen.
Regulation of cryptocurrencies in Uruguay
Regulation of cryptocurrencies remains a grey area in the country, but last October, the central bank issued a statement saying that these assets are not legal or illegal and that citizens can use them knowing the risks they pose.
This is a major milestone for the country, which has an estimated 40,000 to 50,000 cryptocurrency users, and the main way they buy cryptocurrencies is through peer-to-peer marketplaces.
The initiative responds to the need to serve an expanding market across the country. There will be an instance where the interested public can approach the crypto world and receive the equivalent of $5 in Ferret and Urubits cryptocurrencies.
Stablecoins will be issued by the USDF consortium, allowing its members (financial and banking institutions) to issue USDF so people can recognize the importance of blockchain technology for future financial development.