Cryptocurrency ATMs launched in Philippines

By Olivia Minnock
UnionBank (or Union Bank of the Philippines), one of the largest banks in the Philippines, is launching a cryptocurrency ATM, according to Filipino medi...

UnionBank (or Union Bank of the Philippines), one of the largest banks in the Philippines, is launching a cryptocurrency ATM, according to Filipino media reports.

The Philippine Star reported the news last week, citing a statement from UnionBank which said: “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.”

According to the press, the company launched its first two-way cryptocurrency ATM at the beginning of February – but it has not yet been revealed which cryptocurrencies can be dealt with using the machine.

The introduction of these new ATMs is part of UnionBank’s collaboration with the central bank of the Philippines (BSP) in which it tries to develop innovative solutions for citizens. The BSP has been working on regulating virtual currency exchanges, having established a formal framework for this in 2017, following the rise in these exchanges.

 

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