According to local publications, Union Bank of the Philippines, one of the largest commercial banks in the Philippines, has launched the country’s first crypto ATM.
The bank said in an official statement obtained by Philstar that the purpose of the ATM is to provide local users an easy way to convert cryptocurrency to fiat and vice versa.
The crypto ATM developed and distributed by UnionBank is a two-way machine, allowing users to purchase and sell cryptocurrencies.
Source: Mike Abundo, Chief Technology Officer at Reelmedia, BitPinas.com
“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,” UnionBank said.Why is the Crypto ATM Launch of UnionBank Special?
Since 2017, the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has taken a proactive stance towards regulating the local cryptocurrency industry.
The Philippines was amongst the first countries to regulate cryptocurrencies as a recognized asset class and as a remittance method.
UnionBank has said that it has continuously collaborated with the central bank throughout the past several years and the recent launch of its crypto ATM has been approved by the central bank.
A UnionBank branch in the Philippines. Source: Shutterstock
It is the first case in which a major commercial bank worked with the central bank of the country to oversee the launch of a crypto ATM.
The bank has only launched one crypto ATM so far. But, UnionBank will evaluate the overall demand from users and the performance of the ATM in the coming weeks, which may lead to the deployment of more ATMs in the future.
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