Union Bank of Philippines (Union Bank) announced its plans to launch cryptocurrency ATMs in the Philippines, according to a report by a local news outlet, The Philippine Star. Though the bank has not set a date for the launch of the ATMs yet, the project is one more step ahead for crypto.
Union Bank to launch two crypto ATMs
Union Bank, one of the largest banks in the country, will launch two cryptocurrency ATMs. The crypto ATM will allow customers to purchase and sell cryptocurrencies for cash. The bank said its continued partnership with the Bangko Sentral ng Pilipinas (BSP) has made it possible for them to provide innovative financial solutions to Filipinos while complying with the necessary regulations.
In an official statement, Union Bank 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.” However, Union Bank did not specify the coins it is going to offer with its ATMs.
Following the rise in the use of cryptocurrencies in the Philippines, the BSP put together a regulatory framework for cryptocurrency exchanges through Circular 944, dated Feb. 6, 2017. Crypto exchanges are required to register with the BSP, as remittance and transfer companies before them, offering services in the country. The circular also needs the exchanges to put in place adequate security to address the risks associated with cryptocurrencies, including AML and consumer protection measures.
The BSP has maintained that it does not endorse the use of any digital currency. It, however, intends to regulate them when used for the delivery of financial services.
Earlier this month, Cagayan Economic Zone Authority (CEZA), a government-owned corporation in the Philippines, released a comprehensive framework to regulate ICOs in the country.
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