Wednesday, April 24, 2019

Union Bank of the Philippines Plans To Install First Crypto ATM

“We’re going to put up a Bitcoin ATM in our Ayala Ave. ARK [branch]. The machine is here already,” said UnionBank Chairman Justo A. Ortiz. 

Convenience in using and transacting virtual currencies can now be experienced in the Philippines. As Union Bank of the Philippines, — one of the largest bank in the country– aims to push through on cryptos and launch its first two-way crypto ATMs.

Union Bank Introduces Crypto ATM In the Philippines

Crypto ATMs all over the world remains to have an outstanding stance and reviews from its users. Due to this, Union Bank announced, via Philippine Star, that they will install the country’s very first crypto ATM as an answer to Filipinos’ demand for cryptocurrencies.

“In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa,” Union Bank of the Philippines said on Philippine Star.

The said crypto ATM was already seen on Twitter as an account posted the picture of the actual machine on Jan. 17.

Having 300 branches in the Philippines, Union Bank of the Philippines explained their action towards supporting the regulated virtual coins in the country.

According to them, the crypto ATMs will be based on the rules set by the country’s central bank called Bangko Sentral ng Pilipinas (BSP).

Philippines’ Stance on Virtual Currencies

As detailed by the BSP, Philippines regulates and legalizes cryptocurrencies but does not promote any type of virtual coins. Along with this, the country aims to regulate them once they are “used for delivery of financial services, particularly, for payments and remittances.”

Furthermore, in 2017, the country enacted a circular wherein the guidelines of transacting with cryptocurrencies were listed. One of its guidelines is the requirement in order to operate these coins such as the certificate of registration wherein “large value pay-outs of more than P500,000 [~$183,000] or its foreign currency equivalent, in any single transaction with customers or counterparties, shall only be made via check payment or direct credit to deposit accounts.”

Still, BSP promotes a controlled system under-regulating the usage and transfers of cryptocurrencies since the country were still slowly entering the field.

Although the Philippines is not one of the top countries that use virtual currencies, the fact that one of its main banks gave an open mind in introducing a convenient crypto ATM– speaks a lot towards its aim in entering the world of crypto.

As the old saying goes, “it’s better late than never.”

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