Prominent Filipino bank, Union Bank is finally launching Philippines’s first two-way cryptocurrency ATM according to a recent report by a Philstar.
Moving in the Right Direction
After establishing one of the first legal frameworks to regulate cryptocurrency in the country a week ago, Philippine receives positive news to establish its steady growth in the cryptocurrency sector over the past two years.
Union Bank is one of the top ten biggest banks in the country by assets, its yearly revenue consistently hitting above 7 billion Philippine pesos. The bank has now decided to add to the only lone Bitcoin ATM present in the whole country which resides in Manila. The bank’s two-way new ATM is set to open a new chapter of awareness for Filipinos while furthering the bank’s initiative to be at the forefront of technological development.
While a Bitcoin ATM exists in Manila, the bank has not specified which digital currencies the new two-way ATM would be supporting. The ATM would, however, facilitate selling of the supported virtual currencies for cash and vice versa. Union’s bank new initiative stems from a solid collaboration with the country’s central bank: Bangko Sentral ng Pilipinas (BSP). BSP believes the new initiative from Union Bank would provide citizens with an alternative and probably more secure method for converting pesos to cryptocurrencies.
Regulations Falling in At the Right Time
The central bank (BSP) stand on the cryptocurrency industry have been proactive and friendly, with the central authority already regulating digital currencies since 2017, after publishing the Circular 944.
Last week, Philippine recorded another significant progress after creating its first regulatory framework through The Cagayan Economic Zone Authority (CEZA). CEZA administrator and CEO, Raul Lambino explained the principle behind the new initiative, expressing delight at another major progress by Philippine crypto community. According to him, the new regulatory framework is set to foster adoption and acceptance of cryptocurrency in elite institutions and financial sectors.
“It is our goal to provide a clear set of rules and guidelines that will foster innovation yet ensure proper compliance by actors in the ecosystem,” he commented.
“It is our hope that these set of regulatory innovations will take the digital asset sector one step closer to adoption and acceptance by institutions and the traditional financial system.”