Major bank in Philippines launches two-way crypto ATM

February 13, 2019
Chris Wheal

In a relationship between banks and crypto, there isn’t always a war, nor does it have to be. One of the biggest banks in Philippines, Union Bank, has announced that it’s launching country’s first, two-way cryptocurrency ATM. Unlike traditional crypto ATMs, this one will not only let customers to buy or withdraw crypto, but to sell it as well. It’s currently operating under the Union Bank’s so-called “sandbox” – the framework for conducting “financial experiments in a controlled environment.”

crypto atm

The two-way crypto ATM was made possible thanks to the collaboration between Union Bank and Philippines central bank, Bangko Sentral ng Pilipinas (BSP). According to both banks participating in this experiment, they will be also using the ATM themselves, for converting pesos into the digital currency, and vice versa. As of now, it’s not yet clear how many cryptocurrencies the ATM currently supports.

With the friendly crypto-climate, Philippines is one of the best countries worldwide to carry out this experiment. Crypto exchanges located in Philippines are officially regulated by the Central Bank as remittance companies. Cryptocurrency, in its turn, is recognized as a legitimate payment method since February 2017.

Just last week, new crypto regulations were released by the country’s Cagayan Economic Zone Authority, targeted at regulation the cryptocurrency industry as a whole, and also protecting investors and covering acquisition of crypto assets, including both utility and security tokens. With Philippines on the forefront of the crypto industry, will other countries adopt two-way ATMs faster?

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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