Central bank-compliant Crypto ATM launched in the Philippines

Asia Cryptocurrency The Philippines
One of the largest banks in the Philippines has launched its first two-way cryptocurrency ATM.

Union Bank of the Philippines (Unionbank), one of the largest banks in the Philippines with more than 300 branches in the country, has launched its first two-way cryptocurrency ATM.

The new ATM is an element of the Philippine government’s regulatory sandbox aimed at providing citizens with fintech innovations and will comply with the rules of Bangko Sentral ng Pilipinas (BSP), the country’s central bank.

According to Unionbank the ATM will provide an alternative channel to covert pesos into virtual currencies, and vice versa, to clients whose needs and tastes constantly evolve, reported local media outlet Philstar.

According to its own circulars, the Central Bank of the Philippines does not endorse crypto currencies but does aim to regulate them via guidelines for exchanges, which in order to operate as remittance and transfer companies, must be certified as well as adhere to a number of specific rules and controls.

So far, seven crypto-exchanges have received provisional licenses with 40 more waiting for their applications to be processed.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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