A big bank in Philippines just installed a Bitcoin ATM for its customers!
The device will allow changing Philippine Pesos by cryptocurrencies and vice versa.
In the city of Makati, there is already an ATM that works with bitcoin and litecoin.
The Philippines will have its second cryptocurrency ATM, through an initiative taken by the Union Bank of Philippines (UBP), local news agency Philstar reported.
The launch is part of a plan that the entity has launched to expand its services.
Before this step, the UBP affirms that it is aligned with the current legal framework in the nation with respect to the ecosystem of cryptocurrencies, highlights Philstar.
The media also cites a statement issued by the entity, which refers to a joint work with the Central Bank of the Philippines (Bangko Sentral ng Pilipinas or BSP) to achieve the launch of the service, with which they seek to include their customers who use cryptocurrencies:
“In the continuous search of the bank to meet the needs and tastes of customers, including customers who use virtual currencies [cryptoactive], the ATM will provide these customers with an alternative channel to convert their Pesos to virtual currency and vice versa.
Union Bank of Philippines”
According to the most recent ranking published by the Philippine Central Bank, in September 2018, the Union Bank of Philippines ranks ninth among the largest banks in the Asian nation.
The list shows that the UBP has assets of 567,696 million Pesos (about 11 billion Dollars).
Likewise, the Philstar agency reports that the bank reported profits of around 140 million Dollars (about 7.32 billion Pesos) during 2018.
Philippines and Cryptocurrency ATM
UBP and Philstar refer to this as the first ATM of this type in Philippine territory, but in the city of Makati there is already one belonging to the company Bitcoiniacs.
It operates with Bitcoin (BTC) and Litecoin (LTC), according to information provided by the Coin ATM Radar portal, which tracks the installation of these machines in the world.
According to the same website, there are currently 108 cryptocurrency ATMs (BATM) in Asia.
Of these, 32 are in the special Chinese region of Hong Kong.
In second place, with 13, is Georgia.
The Philippines will appear next to Guam in the 11th position of the region, after being incorporated the new device promised by the UBP.
The world list is commanded by North America, with 71.7% of the BATM in the world.
Asia is third, behind Europe and surpasses the amount that Oceania and South America have together.
Regulations in force in the country
Through Circular 944, issued in June 2017, the BSP defined the current regulations for the management of crypto assets in the nation.
It is the declaration of principles of the Central Bank, determining that the institution’s policy is “to provide an environment that encourages financial innovation while ensuring that the Philippines is not used for money laundering.”
Security, in terms of control against laundering or financing of terrorism, is a fundamental part of said regulation, which also includes among its priorities the protection of users of cryptocurrencies.
For this, every entity that works with crypto assets must be registered with the highest financial institution in the country.
Other countries such as Venezuela and Argentina have also begun to make the use of Bitcoin and cryptocurrency easier, which should facilitate the adoption of cryptocurrencies by the general public.
See our article about Argentina and payments in Bitcoin accepted in public transport: Click Here!
