Philippines financial regulator approves two-way crypto ATM by Unionbank

10 Feb, 2019 | Updated: 10 Feb, 2019
by Fifi Arisandi
Philippines financial regulator approves two-way crypto ATM by Unionbank

Unionbank Philippines has received an approval from the country's central bank and is now launching a two-way crypto ATM in one of their branches.  

Crypto enthusiasts in the Philippines will have a new way to transact using their crypto possessions. One of the country’s largest bank, Unionbank just launched a two-way crypto ATM that has been approved by the central bank, the Bangko Sentral ng Pilipinas (BSP).

The two-way ATM will enable users to convert their fiat (pesos) to virtual currency and vice versa, although it’s unclear which cryptocurrency will be available for them.

According to News Bitcoin, the project is part of the government’s regulatory sandbox, which aims to provide Filipinos with innovative solutions in the financial sector.

The BSP also made it clear that they don’t intend to endorse any cryptocurrencies and that their goal is solely to regulate the use of cryptos for delivery of financial services, particularly, for payments and remittances.

The Philippines government has been pretty open to the cryptocurrency, although they insist on maintaining an internal control system that “commensurates to the nature, size and complexity of their respective businesses.”

The central bank is reported to have approved 7 crypto exchanges last November and is currently reviewing 40 other applications.

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Read more about: Philippines Asia

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