Union Bank of the Philippines is Set to Launch Cryptocurrency ATMs

Union Bank of the Philippines is Set to Launch Cryptocurrency ATMs

cryptocurrency ATM

According to a recent report, one of the largest banks in the Philippines is set to start a two-way virtual currency ATM which will function according to the specifications set by Bangko Sentralng Pilipinas. In the Philippines, cryptocurrency regulations are set by the central bank “when used for delivery of financial services, particularly, for payments and remittances.”

First Crypto ATM in the Philippines

The Union Bank of the Philippines (Unionbank)—one of the largest banks in the Philippines which has more 300 branches within the country is set to start a cryptocurrency ATM. The machine will be the first Crypto ATM to be designed in compliance to the standards set by the Central bank, Bangko Sentralng Pilipinas (BSP) and this project is part of the Philippine government’s regulatory sandbox. Also, the bank has made it known that it will be collaborating with the BSP to make available innovative solutions to Filipinos.

A publication released by Unionbank states that:
“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 with an alternative channel to convert their pesos to virtual currency and vice versa,” However, the coins to be used was not specified in the press release.

Regulating the Crypto Industry

As regard regulating the Philippines crypto industry, the Bangko Sentral ng Pilipinas (BSP) stated that:
“Following the warning advisory issued by the BSP in March 2014, a formal regulatory approach was adopted through the issuance of Circular No. 944 dated 6 February 2017.”

This BSP has made known the standards which are expected to be followed by cryptocurrency exchanges which provide services or are involved in activities that provide a facility for the conversion or exchange of fiat currency to VC or vice versa within the country.

While explaining that it doesn’t intend to endorse any virtual currency and that includes bitcoin, the BSP said that its plan is to regulate them when used for payments and remittances or for delivery of financial services.