Local Philippines media reported recently that one of the largest commercial banks in the country, Union Bank has launched the first nationwide Crypto ATM. Union Bank released an official statement in which they clarified the purpose of the Crypto ATM.
They want to provide the opportunity for locals to easily convert Crypto and Digital Currencies to fiat currencies and vice versa. The Crypto ATM is distributed, developed and maintained by Union Bank and it will work both ways, allowing users to 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”
Crypto ATM is a clear sign of Cryptocurrency adoption
Philippines’ stance on Crypto has been positive for quite some time now. The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP) has had a pro Crypto stance ever since 2017. The BSP has talked positively for Digital Currencies and is an advocate for Crypto regulation and developing the industry. The Philippines was also among the first countries to regulate and recognize Digital Currencies as an asset class and a method for remittance.
For several years now, UnionBank has collaborated with the Bangko Sentral ng Pilipinas and this Crypto ATM launch is approved by the BSP. The Crypto ATM launch is also one of the first times where a central bank works with a major commercial bank to regulate and launch Digital Currency ATMs.
For now the bank will launch only several Crypto ATMs so they can evaluate the demand and performance of the Crypto ATM. The bank is ready to distribute more Crypto ATMs if people adopt it fast enough. The level of Crypto adoption in the Philippines is already among the highest in the world, compared to many other regions. A big factor for this is the lack of banking options for a major portion of the population.
A big factor for this is the lack of banking options for a major portion of the population. A commercial Crypto ATM will increase the confidence in Digital Currencies and embrace its usage. Locals can already trade Digital assets for fiat currency through local brokerages, convenience stores and crypto applications. Crypto ATMs will also increase liquidity of digital assets.
The Philippines will become of the best Crypto hubs
The CEO of Pantera Capital, Dan Morehead stated last week on a podcast that one in ten adults in the Philippines use the country’s most popular Crypto exchange – Coins. He added:
“A week or so ago, we announced that we sold Coins.ph in the Philippines and I think that is a great example of Bitcoin’s actuale usage now and not 20 years from now. They have one out of ten adults in the Philippines as a customer. That’s very real and I think it is important for the community to really know that there are applications that are working right now”
In the beginning of 2018, Coins.ph had more than five million users that used Crypto to pay their credit, utility bills, mobile phone fee, send money across the country and more. This shows the large impact that Digital Currencies have and although the technology is “in the beginning of the beginning”, the impact can be felt by those that most need it!
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