UnionBank Of The Philippines To Launch Cryptocurrency ATM

Cryptocurrency
(Photo: REUTERS/Mike Segar)

The Bangko Sentral ng Pilipinas just approved UnionBank of the Philippines's proposal for its plan to launch a two-way cryptocurrency ATM. The bank received the green light from the central bank of the country so it will now set up the machine in one of its branches.

The UnionBank of the Philippines is one of the biggest banks in the region and it is introducing another "first" in its line of services for its customers. With the new crypto ATM, the bank hopes to provide what their clients need for the changing times, Philstar reported.

"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 bank said in a statement.

It was also specified that the cryptocurrency ATM will be used according to the requirements of the Bangko Sentral ng Pilipinas. In the Philippines, the BSP controls and manages cryptocurrencies only when utilized for delivery of financial services especially for remittances and payments. The central bank made it known that it has no intention of promoting cryptocurrencies other than to regulate the use of crypto.

The crypto ATM will allow customers to convert their peso fiat to virtual currency and vice versa. The introduction of this virtual currency automated teller machine was also approved to provide Filipinos with the advance solutions in money exchange and businesses.

According to AMB Crypto, the UnionBank of the Philippines will team up with xRapid powered e-wallet and Coins.ph to carry out a smooth launching of the crypto ATM. Once installed, clients can now trade their digital assets for the Philippine currency.

"We're going to put up a Bitcoin ATM in our Ayala Ave and the machine is here already," Justo A. Ortiz, chairman of UnionBank, said regarding the atm's installation.  

The UnionBank of the Philippines is one of the most trusted banks in the country and it boasts of over 300 branches nationwide. The introduction of the very first crypto ATM in the region is expected to boost the bank's popularity and gain more clients in this era where cryptocurrency is becoming a mainstream means of earning and exchanging money for the growth of businesses.

Finally, although the introduction of the crypto ATM in the Philippines is an innovative step to go with the changing times, it is yet to see how efficient it will be for Filipino users.  

© 2019 Business Times All rights reserved. Do not reproduce without permission.
Sign Up for Newsletters and Alerts