Major Philippines Bank Union Bank Launches Two-Way Crypto ATM: Report

Major Philippines bank Union Bank is rising the country’s first two-way cryptocurrency ATM, internal media opening Philstar reported Feb. 6.

The pierce will reportedly let business buy and sell cryptocurrencies for money around the ATM as part of the bank’s “sandbox” — a horizon for conducting experiments in a tranquil environment.

The news did not mention which digital currencies will be upheld in the experiment.

According to Philstar, the system complies with stream regulations and is the outcome of a partnership between Union Bank and the country’s central bank, Bangko Sentral ng Pilipinas (BSP). The essay cites a matter expelled by the bank claiming that the ATM will yield “an choice channel to modify their pesos to practical banking and clamp versa.”

Philstar reports that Union Bank reported 7.32 billion Philippine pesos (about $140 million) in gain last year. The bank is within the top ten largest banks in the country, in terms of assets.

The BSP has been strictly regulating internal Philippine crypto exchanges as remittance companies and noticing practical currencies as a legitimate remuneration process since it published Circular 944 in Feb 2017.

As Cointelegraph recently reported, new regulations were expelled by the country’s Cagayan Economic Zone Authority. The manners are reportedly designed to umpire the cryptocurrency attention and strengthen investors, inspiring such issues as the merger of crypto assets, including application and confidence tokens.

In January, United States Bitcoin ATM operator Coinme entered a partnership to sell Bitcoin (BTC) at silver counting kiosks owned by Coinstar.

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