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.
2020 Trading Cup Gets Off to a Flying StartGo to article >>
Crypto regulations in the Philippines
The Philippines has a mixed relationship with cryptocurrencies 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 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.