/Uruguay already has its cryptocurrency ATM to trade Bitcoin, BNB, and BUSD
Uruguay already has its cryptocurrency ATM to trade Bitcoin, BNB, and BUSD

Uruguay already has its cryptocurrency ATM to trade Bitcoin, BNB, and BUSD

On January 7, a cryptocurrency ATM 100% manufactured in Uruguay was installed and commissioned in the Uruguayan city of Punta del Este, and jointly developed by local companies specialized in cryptocurrencies: inBierto and Urubit.

– Open Cryptocurrencies (@inbiertouy) January 8, 2022

The cryptocurrency ATM, which is called UTM in your case, receives as Trademark name U-Teller, is a product that so far offers the commercialization and exchange of: Bitcoin, BNB and BUSD, together with the Uruguayan tokens Ferret Token, and Urubit, both developed by the companies involved, which reported their intention to increase the offer as the ATM network grows.

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Adolfo Varela, director and founder of inBierto, conve He spoke with the Cointelegraph en Español team and reported that the first hours of operation of the ATM where they even offered an accompanying guide, and saw people of all ages arrive, was a success since about a thousand transactions were processed, however at Weigh and due to this they had to make an adjustment in the software, to improve the speed of each transaction, and reading the price and transaction.

According to Varela, they are already in a position to start the The next stage includes expansion throughout the country and added that the next steps are to install more UTMs in Maldonado, Montevideo, Colonia and then cover the remaining 16 departments. “Once we have advanced over the national territory, we intend to grow in Latam since we understand it as the ideal continent to develop business opportunities with cryptocurrencies, Latam knows a lot about inflation and crypto is the decentralized safeguard that any citizen can have,” he added.

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“Along the way we have received proposals from many countries that a product of this type of Uruguayan origin caught their attention, there I think the good image of our country weighs a lot in front of international eyes and the capacity for technological development ”, commented Varela.

It should be noted that, during the installation of the ATM, there was the presence and support of Binance Uruguay, a very strong brand in Uruguay – Varela described – especially in Punta del Este, the city where inBier to is installed as an array. “When we were ready to present the first UTM, from inBierto we had contact with the Binance Uruguay team, we agreed to collaborate together for the launch and that’s how it was. For us it is a very important fact since we are talking about the largest exchange in the world and it happens that our tokens run on Binance Smart Chain. It was easy to find synergy together for this specific project ”, Varela said.

Crypto ecosystem in Uruguay

Varela reported that today there is a strong market of cryptocurrency users, according to his data indicates that in Uruguay there are more than 50 thousand people and in Argentina it exceeds 2 million, being in Punta del This is where Uruguayans and Argentines meet. He also told us about his expectations for the year 2022 in the Uruguayan crypto ecosystem and described it with a lot of growth. “Today we are on the international map due to the conditions of public, legal and institutional security and demonstrating ourselves as a potential Latin American cryptohub positions us on the radar of the main companies,” he said.

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In addition, he expressed his reaction to the pronouncement of the Uruguayan Central Bank regarding the publication of the conceptual framework document that opened a preamble to a Law on Virtual Assets. “We believe that the position of the BCU is very good, showing pro-positive regulation is going to do the country good. In what is personal to me, I served as advisor and co-writer of one of the bills presented in Uruguay, we believe that a legal framework is necessary that generates consumer defense, allows bankarization and enables the operation of companies. This will give our country the possibility to take advantage of the business situations of a market that today is worth 3 trillion dollars and will multiply by 10 in the next 5 years. ”, He indicated.

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