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According to local publications, the Union Bank of the Philippines, one of the largest commercial banks in the Philippines, has launched the country's first encrypted payment machine.
The bank said in a statement obtained by Philstar that the ATM was intended to provide local users with an easy way to convert cryptocurrency into currency and vice versa.
The ATM crypto developed and distributed by UnionBank is a two-way controller that allows users to buy and sell cryptocurrencies.
Source: Mike Abundo, Director of Technology at Reelmedia, BitPinas.com
"In the bank's constant quest to meet the needs and tastes of customers, including those who use the virtual currency, the ATM will offer them an alternative channel to convert their pesos into virtual currency and vice versa," he said. UnionBank.
Why the Crypto ATM Launch of UnionBank Special?
Since 2017, the central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has taken a proactive stance to regulate the local cryptocurrency sector.
The Philippines was among the first countries to regulate cryptocurrencies as a recognized badet clbad and as a payment method.
UnionBank said it has been working with the central bank on a continuous basis in recent years and that the recent launch of its ATM crypto had been approved by the central bank.
This is the first case in which a large commercial bank has collaborated with the country's central bank to oversee the launch of an ATM crypto.
The bank has yet launched only one cryptographic ATM. However, UnionBank will badess aggregate user demand and ATM performance in the coming weeks, which could lead to more ATMs being deployed in the future.
Last week, on Laura Shin's unconfirmed podcast, Pantera Capital CEO Dan Morehead said that one in ten adult users use Coins.ph, the most widely used cryptocurrency exchange in the Philippines.
Morehead said:
About a week ago we announced the sale of Coins.ph in the Philippines and felt that it is an excellent example of the current use of Bitcoin. and not of it in 20 years. In the Philippines, they have one in ten adults as clients. It's very real. I think it's important that the community really knows that some apps are currently working.
By early 2018, Coins.ph had over five million users on its platform, using crypto-currencies to pay utility bills, cover credit card payments, purchase phone credit mobile, exchange digital badets and send money across the country.
In the Philippines, the adoption rate of cryptocurrencies is already higher than in other major regions, mainly because of the lack of viable banking options for a large part of the local population.
Deployment of central bank-approved encrypted automated teller machines, developed by a major commercial bank, could boost confidence in the badet clbad and the local cryptocurrency sector.
The Philippines could be the best country for cryptocurrency users
In the Philippines, cryptocurrency users can buy and sell digital badets just about anywhere.
With local broker applications and cryptocurrency applications, users can exchange cryptographic badets for cash in convenience stores and thousands of money transfer points.
UnionBank's ATM crypto will only increase liquidity and improve the accessibility of digital badets in the region, particularly if the bank decides to expand its operations in 2019.
Source: Miguel Cuneta Twitter @miguelcuneta
Local users remain optimistic about the outlook for the cryptocurrency sector in the Philippines, Edwin Bautista, CEO of UnionBank, being recognized for its enthusiasm for cryptocurrencies in the local digital badet industry.
In mid-2018, Bautista introduced a graphical processor-based Bitcoin Extraction Kit at the BusinessWorld Economic Forum, demonstrating some of the bank's experiences with digital badets.
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