Whistle – South America had 79 vending machines bitcoin (BTC), or just 0.2% of BTC ATMs globally. Colombia leads the ranking with 31 crypto ATMs, followed by Brazil and Argentina with 22 and 11 crypto ATMs respectively. The number of bitcoin and cryptocurrency ATMs in general in the region, however, will see a very slight change thanks to Uruguay’s symbolic re-entry into the bitcoin adoption game.
First goal for bitcoin in Uruguay: a bitcoin ATM in a tourist town
According to the media Ámbito, Uruguay has welcomed its first cryptocurrency ATM in the coastal and tourist town of Punta del Este. This first crypto ATM was installed thanks to a collaboration with two local companies in the sector: URUBit and inBierto.
This crypto ATM would be, according to the CEO of inBierto, Adolfo Varela, fully funded by the government of Uruguay. It allows the withdrawal and deposit of five cryptocurrencies: bitcoin, binance coin (BNB), binance USD (BUSD), ferret token (FRT) and urubit (URUB).
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Uruguay’s burst of speed: towards a decisive acceleration for cryptocurrencies?
Will Cryptocurrency Adoption Accelerate in Uruguay? The regulations of the country do not present a priori no major obstacles to the development of crypto projects.
In August 2021, Senator Juan Sartori introduced a bill to regulate cryptocurrencies in Uruguay, including filling some legal loopholes in the sector. The bill brings regulatory clarity to regulators for rule-making, but also to crypto businesses. In particular, it provides a legal definition of crypto-assets.
The bill also proposes the issuance of three compulsory licenses, each of which is intended for a specific actor: intermediaries such as centralized or peer-to-peer exchanges, cryptocurrency custody companies, companies wishing to issue crypto-assets or financial tokens – ICOs, stablecoins, etc..
Cryptocurrency mining does not require a license, but it does require a permit issued by the Ministry of Industry.
South America and Latin America theoretically offer fertile ground for mass adoption of cryptocurrencies. The population of certain countries in these regions indeed turns to the latter as an asset to hedge against hyperinflation. Cryptocurrencies also present themselves as a better alternative to traditional local transfer services whose transaction costs are relatively high. This first crypto ATM in Uruguay kicks off the adoption game. Crypto companies like Strike who set out to conquer Argentina, also contribute to the victory of cryptocurrencies in South America and Latin America.
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