New Crypto ATM Locations Set To Open By The Union Bank Of Philippines As Bitcoin Adoption Grows
According to a statement released by one of Philippines’ largest financial entities ‘Unionbank’, the company is all set to launch a “two-way cryptocurrency ATM” that has been devised as per the rules and regulations set by ‘Bangko Sentral ng Pilipinas’.
As things stand, crypto assets are not banned in the Philippines and can be used for the facilitation of financial services— particularly payments and remittances.
More on the Matter
Unionbank is one of Philippines’ largest banking institutions and has over 300 branches across the nation. In this regard, a recently published story by the Philippine Star claims that the bank has been working with the Bangko Sentral ng Pilipinas (BSP) so as to devise an ATM solution that is in complete harmony with the government’s regulatory sandbox.
A statement released on the Unionbank website reads:
“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,”
Additionally, a spokesperson for the BSP also stated that the government body had been looking to create such a financial portal since the end of 2017. With that being said, he also added that the BSP did not “endorse” any cryptocurrencies and that the role of the organization was to solely regulate digital assets and nothing more.
Other Details Worth Noting
In addition to all of the information that has been presented above, it is also worth remembering that the BSP requires crypto exchanges within the Philippines to obtain a “certificate of registration” before they can start operating as a remittance and transfer company.
“Large value pay-outs of more than P500,000 [~$183,000] or its foreign currency equivalent, in any single transaction with customers or counterparties, shall only be made via check payment or direct credit to deposit accounts.”
Last but not least, it is also worth remembering that as of November 2018, the Central Bank of Philippines has issued seven crypto exchanges with working licenses. Not only that, but the governing body is also currently in the process of evaluating 40 more such similar applications.