Uruguay has reportedly installed its first Bitcoin (BTC) ATM, making it the 11th country in South America to publicly encourage crypto adoption. Prior to Uruguay’s involvement, South America was home to 79 ATMs, which accounted for 0.2% of global BTC ATM installations.
According to Ámbito, Uruguay’s first crypto ATM was installed in the coastal town of Punta del Este, a major tourist attraction in the region. Uruguay’s first Bitcoin ATM was developed and installed in partnership with two local crypto companies – URUBit and inBierto.
Crypto ATM in Uruguay currently supports withdrawal and deposits of five cryptocurrencies, namely – 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, confirmed that the initiative is 100% funded by the Uruguayan government. inBierto is a crypto investment platform, which is also a member of the Uruguayan Chamber of Fintech (Cámara Uruguaya de Fintech), a startup accelerator focused on the Fintech sector. URUBit is a decentralized token created in Uruguay and deployed in the Binance Smart Chain (BSC).
Data from Coin ATM Radar shows that Colombia leads the South American market with 31 crypto ATM installs to date, followed by Brazil and Argentina with 22 and 11 installs, respectively.
Other South American countries such as Ecuador, Venezuela, Aruba, and Saint Kits and Nevis have also installed crypto ATM.
inBierto has not yet responded to TSTIME’s request for comment.
Related: Uruguayan senator introduces bill to allow use of crypto for payments
Last year, a Uruguayan senator introduced a bill to regulate cryptocurrency and allow businesses to accept crypto payments.
As TSTIME reported, Senator Juan Sartori was not keen on adopting crypto as legal tender. Instead, he suggested:
“Today we present a bill that aims to establish a legitimate, legal and safe use in companies related to the production and commercialization of virtual currencies in Uruguay.”