One of the Philippines largest banks, Union Bank, is set to launch the first two-way crypto ATMs in the country.
Union Bank Crypto ATMs
Customers will be able to buy and sell cryptocurrencies for cash through the ATM. The idea is to provide an easy and accessible means for crypto to fiat conversion and vice versa. The move may help to spur on adoption for the digital asset.
Union Bank said the following on the crypto ATMs:
“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.”
The bank has yet to detail which currencies will be supported by the machines. However, it’s safe to predict that Bitcoin will be one.
Philippines and Regulation
The initiative for the crypto ATMs is a result of a collaboration between Union Bank and the Philippines central bank, Bangko Sentral ng Pilipinas (BSP).
Since 2017, the BSP has taken a proactive stance towards regulating the cryptocurrency industry. It has been officially regulating local crypto exchanges as remittance companies and further, recognizing digital coins as legitimate payment methods.
The Philippines was among the first countries to regulate cryptocurrencies as a recognized asset class and as a remittance method.
The Union Bank is one of the country’s top ten banks showing earnings of $140 million USD last year.
Crypto ATMs: Philippines Regulations
The Philippines has taken a favorable stance towards cryptocurrencies for some years now. Last week, the country’s Cagayan Economic Zone Authority (CEZA) released new regulation guidelines designed to regulate the industry and protect investors. The regulations highlight issues such as the acquisition of crypto assets, including utility and security tokens.
CEZA will now be the main regulator for the Philippines, and the Asia Blockchain and Crypto Association (ABACA) will enforce the new regulations and ensure compliance.
Do you think the introduction of crypto ATMs in the Philippines will help to encourage crypto adoption?
Featured Image: Unionbankph