Uruguay is currently the 11th South American country that facilitates crypto exchange with the installation of the first Bitcoin(BTC) ATM. Prior to this, South America had over 79 ATMs which was about 0.2% of the global ATM installations for BTC. According to Ámbito, the first crypto ATM in Uruguay was established in partnership with the local crypto companies – UruBit and inBierto at the coastal city of Punta del Este which is a very common tourist attraction.
It supports every withdrawal and deposit in five different cryptocurrencies such as BTC, Binance Coin, Binance USD, Ferret Token, Urubit. The Urubit is the in-house currency of the partnered companies.
Adolfo Varela, the CEO of inBierto, also confirmed that this initiative was funded by the government of Uruguay. InBierto, also a significant member of the Uruguayan Chamber OF Fintech(Cámara Uruguaya de Fintech) made a huge contribution in the Urugay fintech.
Data from the Coin ATM Radar displays that Columbia is ahead of the South American market with over 31 ATMs installed till date. Brazil and Argentina have about 22 and 11 installations, respectively. Other South American countries apart from Uruguay have only 1 crypto ATM each, such as Ecuador, Venezuela, Aruba, Saint Kits, Nevis, etc.
The previous year while the Uruguayan senator proposed to draft a bill to regulate crypto exchanges and allow businesses worldwide in the trading space, it is gradually taking place in these countries. While senator Juan Sartori wasn’t the most favourable to this measure, he approved a safe and legal method for businesses related to production and commercialization to work with these virtual currencies inside Uruguay.