HomeCrypto NewsBitcoinUruguay Installs 100% Government-Backed Bitcoin ATMs

Uruguay Installs 100% Government-Backed Bitcoin ATMs

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Uruguay's first crypto ATM has been installed in the coastal city of Punta del Este, a major tourist attraction in the region.

Uruguay is said to have installed its first Bitcoin (BTC) ATM, becoming the 11th South American country to openly encourage cryptocurrency adoption.

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Before the entry of Uruguay, South America had 79 ATMs, representing 0,2% of the total global BTC ATMs.

According to Ámbito, Uruguay's first crypto ATM has been installed 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 partnership with two crypto companies – URUBit and inBierto.

Crypto ATMs in Uruguay currently support withdrawing and depositing 5 cryptocurrencies, namely – BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT) and Urubit (URUB). FRT and URUB are internal cryptocurrencies managed and distributed by URUBit and inBierto.

Adolfo Varela, CEO of inBierto, confirms that the initiative is 100% funded by the government of Uruguay. 

inBierto is a crypto investment platform that is also a member of the Uruguayan Fintech Chamber (Cámara Uruguaya de Fintech), a fintech-focused startup.

URUBit is a decentralized token created in Uruguay and deployed on 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, Saint Kits, and Nevis have also installed a crypto ATM.

Last year, a Uruguayan senator introduced a bill aimed at regulating cryptocurrencies and allowing businesses to accept payments in cryptocurrencies.

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