The Union Bank of Philippines has announced the launch of the South Asian country’s first crypto ATM, according to local news publications.
The bank issued an official statement stating that the primary purpose of installing crypto ATM’s would be to ease the conversion of fiat currencies to cryptocurrencies and vice-versa.
In it’s statement, Union Bank said:
“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.”
Cryptocurrencies have had a pretty smooth sailing in Philippines with the country among the first to introduce crypto regulations for their use as assets and as an alternative remittance method.
This has been possible mainly due to the pro-crypto stance by the country’s central bank, the Bangko Sentral ng Pilipinas (BSP), which has enabled to put in a place regulatory framework for use of crypto assets.
Union Bank has had its launch of the crypto ATM approved by the central bank, with whom it has collaborated on projects in the past.
The bank, as of now, launched just one crypto ATM, explaining that any further launches would be considered after evaluating and weighing in on numerous factors such as consumer demand and satisfaction levels.
The crypto demand in the country can be judged alone by the nearly 5 million active users of the Philippines most used cryptocurrency exchange, Coins.ph.
The platform gives its users freedom to perform a number of tasks- from paying all kinds of bills to shopping, from trading crypto assets to transferring money across the country.
With the limited nature of banking operations for the majority of Philippines population, the cryptocurrency adoption rate of the country continues to scale new peaks.
Crypto ATM’s would only add to a growing resource market required for crypto trading, which could be another parameter for Union Bank to ramp up its crypto ATM installation throughout the country.
Philippines being a country where anyone with access to cryptocurrencies can trade in literally anything, stands to gain much from its first crypto ATM launch.