Union Bank of Philippines to Open Two Crypto ATMs

Union Bank of Philippines (Union Bank) is launching two cryptocurrency ATMs in the country, according to a report by local media outlet the Philippine Star.

Union Bank is one of the largest banks in the country with more than 300 branches. The bank has partnered with the Bangko Sentral ng Pilipinas (BSP), the central bank of the country, and will comply with all necessary regulatory needs.

According to the local report, this will be the first couple of crypto ATMs in the island nation and is a part of the Philippine government’s regulatory sandbox.

“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,” the official statement noted.

However, the bank did not specify any coins it is going to offer with its ATMs.

Crypto regulations in the Philippines

The Philippines has a mixed relationship with Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as the country is maintaining a calculative approach towards the sector.

In a circular, the central bank earlier 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.”

The circular also established a set of guidelines for cryptocurrency exchanges operation in the country.

Moreover, BSP clarified that though it does not endorse the use of any digital currency, it intends to regulate them “when used for delivery of financial services, particularly, for Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and remittances.”

Earlier this month, Cagayan Economic Zone Authority (CEZA), a government-owned corporation in the Philippines, unveiled a comprehensive framework to regulate the token offerings in the country.