Major Philippines Bank Union Bank Launches Two-Way Crypto ATM: Report

February 11, 2019
66 Views

Philippine bank Union Bank is reportedly launching the country’s first two-way cryptocurrency ATM.

Major Philippines bank Union Bank is launching the country’s first two-way cryptocurrency ATM, local media outlet Philstar reported Feb. 6.

The move will reportedly let customers buy and sell cryptocurrencies for cash via the ATM as part of the bank’s “sandbox” — a framework for conducting experiments in a controlled environment.

The report did not specify which digital currencies will be supported in the experiment.

According to Philstar, the system complies with current regulations and is the result of a collaboration between Union Bank and the country’s central bank, Bangko Sentral ng Pilipinas (BSP). The article cites a statement released by the bank claiming that the ATM will provide “an alternative channel to convert their pesos to virtual currency and vice versa.”

Philstar reports that Union Bank reported 7.32 billion Philippine pesos (about $140 million) in earnings last year. The bank is within the top ten largest banks in the country, in terms of assets.

The BSP has been officially regulating local Philippine crypto exchanges as remittance companies and recognizing virtual currencies as a legitimate payment method since it published Circular 944 in February 2017.

As Cointelegraph recently reported, new regulations were released by the country’s Cagayan Economic Zone Authority. The rules are reportedly designed to regulate the cryptocurrency industry and protect investors, affecting such issues as the acquisition of crypto assets, including utility and security tokens.

In January, United States Bitcoin ATM operator Coinme entered a partnership to sell Bitcoin (BTC) at coin counting kiosks owned by Coinstar.

You may be interested

US Gov’t Blockchain Spending Expected to Increase 1,000% Between 2017-2022: Study
Blockchain
10 views
Blockchain
10 views

US Gov’t Blockchain Spending Expected to Increase 1,000% Between 2017-2022: Study

btcethereumadmin - April 18, 2019

The U.S. federal government is expected to raise its blockchain spending to $123.5 million by 2022 — an over 1,000%…

Binance CFO: Surge in OTC Trades Drove Near $80 Million Q1 Profits
Bitcoin
10 views
Bitcoin
10 views

Binance CFO: Surge in OTC Trades Drove Near $80 Million Q1 Profits

btcethereumadmin - April 18, 2019

Binance’s Q1 2019 profits beats the previous quarter by 66%, with large-scale investors increasingly active. A huge surge in over-the-counter…

Coin Time Machine Estimates Profit From Crypto Investments You Could Have Made
Crypto News
4 views
Crypto News
4 views

Coin Time Machine Estimates Profit From Crypto Investments You Could Have Made

btcethereumadmin - April 18, 2019

Cryptocurrency prices, which have seen a significant increase since the beginning of April, have again awoken FOMO emotions in the…

Leave a Comment

Your email address will not be published.