Last Updated on 3 months by Shubham Attri
Different countries have different takes on the Crypto Era. Many are planning to ban Crypto because it is a decentralized form of investing while there are others who are planning to make people aware of shifting towards Cryptocurrencies. Well, recently Uruguay has launched its first Cryptocurrency ATM in the state.
We were also shocked to know about the fact that the South American country, Uruguay, has decided to make the people of the country aware of Cryptocurrency by launching the Crypto ATM. The ATM is launched in the coastal city of South America known as Punta del Este.
We know you must be having numerous doubts and queries regarding the launch of the Crypto ATM. Well, fret not, we have given answers to all your queries in the articles below.
Uruguay’s First Cryptocurrency ATM
Although Uruguay got its first cryptocurrency ATM now. But, there are almost 79 cryptocurrency ATMs that are installed in the whole of South America. If we talk about the number of cryptocurrency ATMs in the whole world then the total number of ATMs in South America is just 0.02 percent of the ATMs in the whole world.
The machine is said to be installed in the public to encourage the people of the country to buy more and more cryptocurrencies.
Which Company Installed The Cryptocurrency ATM In Uruguay?
The first crypto ATM in the country was installed with the help of the two crypto companies in the country. The name of the companies is Urubit and Inbierto. Well, let us tell you about the role of both these companies in developing the first Cryptocurrency ATM in Uruguay.
Urubit focused on developing the software part of the ATM machine that made the Kiosks in the city of Punta del Este in Uruguay. Whereas the software part of the machine is developed by Inbierto. The company is responsible for the secure transaction of the cryptocurrency in the ATM.
Reasons For Installing The Cryptocurrency ATM
Well, the reason behind installing the first cryptocurrency ATM in Uruguay is clear. It is intended to make people aware of the crypto trade. It has also been said that the companies were funded by the government of the state to install the ATM. That clearly indicates the government’s involvement and how it wants more and more people to join the crypto moment.
The second major reason that was put forward is that the crypto exchange usually occurs between peer-to-peer groups and as we know that crypto works on the public blockchain it is decentralized. So, adding the Cryptocurrency ATM in the game will make it more secure.
The CEO of Inbierto, the company that developed the software end of the ATM machine stated that “We intend to continue growing in Maldonado, then Colonia, Montevideo and by the end of the year we want to have coverage throughout the national territory. With this, it has happened to us that other countries have consulted us to be able to install it.”
Which Cryptocurrencies Do These ATM Support?
Till now, the cryptocurrency ATM installed only supports five cryptocurrencies. These are Bitcoin (BTC), Binance USD (BUSD), Binance Coin (BNB), Urubit (URUB), and Ferret Token (FRT). Well, let us tell you the last two cryptos that are the Urubit and Ferret Token are the national currencies.
No, Ethereum is not supported in ATM machines because they rely on the BSC (Binance Smart Chain) to process the transactions. The reason behind this was that Ethereum gas fees are high and this would discourage the users to use the cryptos.
That was all in the news update for now. Well, if you are an Uruguay citizen then let us remind you that the government has listed the cryptos in the gray area. The Central Bank Of Uruguay issued a statement in October where it called the cryptos not legal nor illegal. In the December update, the Bank said the people who are investing in Cryptos can do it at their own risks.
Well, we are also not an investing site. So, we won’t recommend you to invest. You must do your own research before investing. The post above is written just for information purposes.
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