Local publications indicate that Union Bank of the Philippines, which is one of the largest commercial banks in the Philippines, has just launched the country’s inaugural crypto ATM.
An official statement from the bank following the launch, said that the purpose of the ATM was to provide local users an easy and convenient way to convert crypto to Fiat currency and vice versa.
The newly launched crypto ATM developed and distributed by the country’s top commercial bank is a two-way machine which will allow users to easily buy and sell crypto-currencies. The ATM will not only enable the buying and selling of cryptos, but will also serve to advance the bank’s quest to cater to the evolving needs and tastes of customers which includes the use of virtual currency and vice versa.
The crypto ATM news in the Philippines is a big deal since the country was among the first to regulate crypto’s as a recognized asset class and remittance method. The country’s central bank has also had quite a progressive and proactive stance towards regulating the local crypto industry, working closely with the union Bank for the past several years which has led to the subsequent approval of the Crypto ATM.
This story is such a big deal also because it is a case where a major commercial bank worked hand in hand with a central bank to oversee the launch of a crypto ATM, a first.
The union bank has only launched one Crypto ATM so far. But it plans on evaluating the overall demand from users and the ATM’s performance in the next few weeks which may lead to the deployment of more ATMs in case of encouraging results. Laura shin’s unconfirmed podcast, hosted Pantera capital CEO Dan Morehead, who stated that one in ten adult users utilize Coins.ph, which is the most widely used exchange in the Philippines. Dan Morehead said;
“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 actual 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. I think it is important for the community to really know that there are applications that are working right now”
Coins.ph is quite popular in the country and is used in paying utility bills, covering credit card payments while also trading digital assets. The country’s level of adoption is higher than most other countries, a fact that is partly due to a shortage of viable banking options for the general population.
The Philippines could soon be the best place on earth for crypto users with crypto ATMs enabling the buying and selling of digital assets from anywhere.
Local users remain highly optimistic in the crypto prospects of the country despite the crypto winter that has lasted throughout 2018. The air of positivity created by the country’s top financial institutions towards crypto can only speak to a positive future.
Image from Pexels