A leading Philippines financial institution – Union Bank of the Philippines – has launched a two-way Bitcoin ATM that will enable users to buy and sell digital assets. A user can buy or sell Bitcoin for Pesos, the official currency of the country.
Bitcoin ATM Launch in Philippines
Reports say that the Union Bank of the Philippines has collaborated with Bangko Sentral ng Pilipinas (the central bank of the country) to launch the second crypto ATM of Philippines. The first cryptocurrency ATM was launched in the country back in 2015 by BitCoiniacs in Manila.
The UnionBank said:
“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.”
Reports say the concerned bank is going to monitor the ATM’s usage and performance to decide on their next course of action.
Why is Bitcoin ATM Launch by Union Bank of the Philippines so Special?
Bitcoin and other cryptocurrencies have greater penetration among general Filipinos. There are two reasons for that:
- 77% of the country’s total population is yet to have a bank account. BTC and other cryptos help in bridging the gap and lead to inclusion for financial services. The
cryptosare so popular in the Philippines that a leading cryptocurrency exchange, Coins.ph, on-boarded 5 million Filipino accounts in May 2018.
- Cryptocurrencies are used by Filipinos (staying abroad) to send remittances back home in a cheaper manner. 10% of the country’s GDP comes from remittances. They are the 3rd largest remittance receiving economy world over.
Philippines is known for being proactive with cryptocurrency regulations. In fact, it is one of the first few countries that regulated cryptos as a method of remittance, on one hand, and recognized asset class, on the other. This is the first time a commercial bank (UnionBank) has collaborated with apex bank of the country for overseeing the Bitcoin ATM launch.
Analysts believe that the deployment of regulated Bitcoin ATMs can help in mass adoption of BTC and other cryptocurrencies. In fact, this crypto ATM installation is likely to increase investor confidence and ultimately help in developing the
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