Crypto enthusiasts would be able to convert their fiat and crypto assets more conveniently with this amazing machine.
Union Bank of the Philippines (UnionBank) is one of the giant commercial banks in the Philippines. It is also the principal financial institution in the country to commence the first crypto ATM.
The bank aims to cater to local users an effortless approach to switch their digital currencies to fiat (real money) and vice versa. UnionBank created and administered the crypto ATM as a two-way machine where users can buy and sell cryptocurrencies.
“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.”
The Central Bank of the Philippines or Bangko Sentral ng Pilipinas (BSP) has long been taking visionary standpoint regarding the regulation of local cryptocurrency industry since 2017. The Philippines is one of the foremost countries to govern cryptocurrencies as an accepted asset class as well as for sending remittances.
UnionBank claimed that it made constant joint effort with BSP for the past previous years. This is the first instance that a prime commercial bank collaborated with the central bank to administrate the establishment of a crypto ATM. The central bank approved the launching of UnionBank’s first crypto ATM.
To date, UnionBank has launched just one crypto ATM. For the time being, the bank will gauge the total appeal from users and the effectiveness of the machine in the upcoming weeks. It is expected that this could result in the deployment of more crypto ATMs in the next decades.
Since November 2017, the central bank already provisioned licenses to seven crypto exchanges. Currently, it is on the process of evaluating more than 40 applications.