One of the largest banks in the Philippines, Union Bank of the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications.
The Union bank of the Philippines
Union Bank of the Philippines (Unionbank) is one of the largest banks in the country with over 300 branches. Unionbank is reported to launch a cryptocurrency ATM. This machine will be the country’s first crypto ATM that fulfills all the rules set by the central bank, Bangko Sentral ng Pilipinas (BSP). This is a project of the Philippine government’s regulatory sandbox. The bank is collaborating with the BSP to provide Filipinos with innovative solutions.
“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”Unionbank said in a statement
Crypto Regulation in the Philippines
Bangko Sentral ng Pilipinas explained, “Following the warning advisory issued by the BSP in March 2014, a formal regulatory approach was adopted through the issuance of Circular No. 944 dated 6 February 2017.” This circular sets the guidelines for virtual currency (VC) exchanges which offer services or engage activities that provide a facility for the conversion or exchange of fiat currency to VC(cryptocurrency)or vice versa in the country.
The government makes it clear that it has no intention to endorse any cryptocurrency including Bitcoin and Ethereum. It just aims to regulate them for use of financial services and payments.
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