It was a long time before the arrival of Uruguay’s first cryptocurrency vending machine – but it turned out to be an instant success: Testimonials claim that the machine processed over 1,000 crypto transactions in the first hours of operation to customers at the end of last week.
According to the EFE news agency (via Hola News), the dispenser was officially opened last Friday in the city of Punta del Este, in the south-east of the country, in the department of Maldonado.
The dispenser was installed by inBierto, a local crypto company and token operator, and another company called Urubit. The ATM is compatible with fiat currencies, as well as with Bitcoin (BTC) and Binance coin (BNB). Urubit also worked in collaboration with the trading platform Binance Uruguay for the launch.
Senior government officials, including Carlos enciso, the Uruguayan Ambassador to Argentina, were present at the opening ceremony. Photos from the event show a crowd gathered around the machine.
The city is a major tourist center, and the ATM appears to have been designed for the needs of international and domestic travelers.
The companies behind the cash machine claim that it was “fully developed in Uruguay” and add that they “seek to extend the network to Maldonado”, in the capital Montevideo, as well as in Colonia, in the southwest of the country, another hotspot for tourism.
The CEO of inBierto, Adolfo Varela, would have said:
“Uruguay has the requirements to become an international crypto hub and may be the entry point for this technology in the Latin American region.”
The adoption of crypto is becoming an increasingly sensitive topic in the nation: last year, a regulator, the General Tax Directorate, hinted that crypto could have a place in the real estate market.
However, it is likely that the government will not let the sector grow out of control. The Uruguayan central bank has been working on a cryptocurrency regulatory “action plan” since last year.
Earlier this month, the bank suggested its plan was getting closer to its final version, writing in a policy advisory document that it “considers necessary to provide greater certainty and clarity on the phenomenon. [crypto] and its regulatory considerations. “
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