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When you think of countries with a remarkable Bitcoin ecosystem, many cryptographic investors immediately think of the United States, Malta, Singapore, Japan, and South Korea. Yet, there are many who draw little attention to the Philippines, a nation that seems to be crammed with crypto-currency users.
A major Philippine-based financial institution made a notable move towards crypto cryptography last week – an initiative that could potentially spur widespread adoption in the Asian nation.
Discover Union Bank Crypto Teller Machines
According to Filipino media reports, Union Bank of the Philippines, a seventh largest banking giant in the country, launches ATMs. Philippine Star, who announced the news on the subject, quoted a press release from Union Bank.
Related Reading: Are Bitcoin ATMs the engine of adoption, crime or consumerism?
According to the statement, the company launched its first two-way cryptocurrency ATM earlier this week, allowing customers to buy and sell badets such as Bitcoin for pesos. Union Bank reportedly collaborated with Bangko Sentral ng Pilipinas (BSP), the country's central bank, to ensure that the new offer complies. The Manila-based institution, which has more than 300 branches spread across the metropolis and in the countryside, said:
"In the constant concern of the bank to meet the needs and tastes of customers, including those who use the virtual currency, the ATM will offer them an alternative way to convert their pesos into virtual currency and vice versa."
In a comment on Twitter, NewsBTC's Joseph Young pointed out that Union Bank's proactivity in the field of cryptography is not only good for regulation, but also for awareness and adoption.
HUGE: The Union Bank of the Philippines would open two-way automated teller machines in the Philippines.
UB is one of the largest banks in the Philippines and has been proactive in the field of cryptography.
Good for regulation, adoption and awareness of cryptography. Http://tt.co/YTVHnKzRZh
– Joseph Young (@iamjosephyoung) February 10, 2019
No reports indicate that Union Bank plans to inaugurate more than a few Bitcoin-compatible ATMs at the moment. Be that as it may, this decision only highlights the growing theme of the industry's automated teller machines, which are beyond the shackles of the traditional financial system, which includes payment and payment processors like Visa and Mastercard.
By previous reports of NewsBTCBitcoin Depot, a subsidiary of Lux Vending, is looking to install 30 ATMs in Chicago that will support Bitcoin, Ethereum and other digital resources in the coming months. While these efforts are centered around Chicago, a little-known cryptographic access point hosting ErisX, the hype surrounding crypto brick and mortar purchases is a global trend, as there are now more than 4,323 of these machines in the world. And according to CoinATMRadar data, this number is increasing by 5.6% every day.
Fiat will use Bitcoin since 2019 thanks to Crypto On-Ramps
Fundstrat's research team, composed of Rob Sluymer and Tom Lee, said the ramp-up of the fiat-to-crypto sector on the ramp would be a positive catalyst for Bitcoin over the next year. According to a Fundstrat report, New York's investment advisory firm noted that growing consumer interest in Bitcoin could be catalysed by the recent addition of Binance's credit card crypto purchasing capabilities, as well as other infrastructures supported by fiat.
Featured image of Shutterstock
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