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Cryptocurrency ATM: Uruguay will install its first crypto ATM in January 2022

Cryptocurrency ATM

In Punta del Este, a cryptocurrency ATM called “Smart Point” is expected to open on January 1, 2022, marking the beginning of the country’s cryptocurrency ATM history. Two national firms, inBierte and Urubit, collaborated on the installation of the ATM, which they dubbed UTM (Universal Transaction Machine). It will be possible to purchase digital currencies that were produced by the same firms, Ferret Token and Urubit, which will be accessible for purchase.

Alfredo Varela, the company’s founder, explains that in order to use the ATM, users will need to have a hot digital wallet on hand. These are the “hot wallets,” which are ones that must be connected to the internet in order for digital currencies to be stored and transferred. The ATM will accept any wallet that is capable of generating transactions through the use of a QR code.

Related: 3 Best Cryptocurrency Mining Software in 2021

UTM, like the majority of ATMs, will charge you a commission for its services once you complete a transaction; in this case, the commission will be 3 percent. You can also sell digital currencies and receive quick cash in exchange for them. This feature is not yet available in the current version, however the developers have stated that it will be available by the time of the unveiling.

More than one of these ATMs will be installed throughout the country, according to the company’s plans. The first will be at Punta del Este, and they hope to have one in Montevideo by the summer of the following year. After that, they plan to expand their operations throughout the country.

“We expect that the use of cryptography will continue to grow in popularity over the coming years. We are currently at the same level as when the internet was first introduced in 1999 or 2000, when only 0.5 percent of the world’s population had access to it. The distinction is that, in this case, At that time, the ability to access the internet was contingent on the willingness of the states or the ability of the firms that could create the networks. Because everyone now has access to the internet, the acceptance of cryptocurrency is increasing year after year. In addition, there are policies. Unlike fiat money, cryptocurrencies have a deflationary economic model that protects users against the inflation of fiat money. Consequently, because America is a continent with a great deal of experience with inflation, adoption is expected to continue to grow “Varela spoke with El Pas about his experiences.

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