It may take a long time for Uruguay’s first crypto ATM to arrive – but it has proven to be an instant hit. According to reports, the machine processed over 1,000 crypto transactions within the first hours of opening to customers last weekend.

Uruguay’s first crypto ATM hits 1,000 transactions in the first hour

According to the EFE news agency (via Hola News), this crypto ATM was officially opened last Friday in the southeastern city of Punta del Este in the Maldonado department.

The people who install the ATMs are inBierto, a local cryptocurrency company and token operator, and another company called Urubit. The machine is compatible with fiat currency as well as Bitcoin (BTC) and Binance Coin (BNB). Urubit also worked with Binance Uruguay’s Binance exchange platform to bring the machine to market.

The opening ceremony was attended by dignitaries such as Carlos Enciso, Uruguayan Ambassador to Argentina. The city of Punta del Este is a major tourist hub and it seems that international and domestic tourists could also be its main destination.

The companies behind the ATM said it was “fully developed in Uruguay,” adding that they are “expanding the network in Maldonado” with the aim of expanding into the capital, Montevideo, as well as Colonia in the country’s southwest, a major tourist hotspot.

InBierto CEO Adolfo Varela is quoted as saying:

“Uruguay has the prerequisites to become an international crypto hub and could be the starting point for the technology to penetrate Latin America.”

Despite the popularity of cryptocurrencies, Uruguay plans to introduce regulatory controls on the sector

The adoption of cryptocurrencies is becoming an increasingly hot topic in Uruguay, where last year a regulator, the General Department of Taxation, suggested that cryptocurrencies may have a place in the real estate market.

The regulator proposed using cryptocurrencies as “intangible personal assets” in transactions where buyers pay for real estate with cryptocurrency.

However, there are also signs that the government will not allow the crypto sector to grow unregulated. The Central Bank of Uruguay has been working on an “action plan” for crypto regulation since last year.

Earlier this month, the bank indicated that its plans were nearing full construction and wrote in a policy advisory document that it “saw the need to create more security and clarity”. [tiền điện tử] and its regulatory considerations. “

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