Punta Del Este of Uruguay Gets Countries First Crypto ATM

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  • Uruguay’s Central Bank issued a document in December outlining a roadmap.
  • The risk of falling victim to a scam is eliminated using a crypto ATM.

In Punta del Este, located in the southeast of Uruguay, is the country’s alleged first cryptocurrency ATM, which has already been installed. It was created by two national cryptocurrency companies: Urubit and Inbierto. The former focused on the system’s software, while the latter provided the ATM’s hardware.

One of the aims of Inbierto’s CEO Adolfo Varela is to build trust in the country’s cryptocurrency sector, where the majority of crypto trade takes place in unbanked P2P exchanges due to a lack of rules. It is claimed that the risk of falling victim to a scam is eliminated using a crypto ATM. Varela thinks that they will continue expanding and extending their crypto ATM network throughout the country.

Varela said:

“We intend to proceed rising in maldonado, then colonia, montevideo and by the top of the yr we need to have protection all through the nationwide territory. With this it has occurred to us that different international locations have consulted us to have the ability to set up it.”

Neither Illegal Nor Prohibited

In October of last year, countries central financial institution issued a press statement stating that cryptocurrencies were neither illegal nor prohibited and that citizens might use them as long as they were aware of the risks they posed.

Uruguay’s Central Bank issued a document in December outlining a roadmap for regulating crypto assets, which proposes to review existing laws and make changes to incorporate them into various existing laws rather than creating single digital asset legislation to encompass the entire universe of these assets.

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