Philipppines: Unionbank Introduces Two-Way Crypto ATM

Philippines bank Unionbank is introducing the country’s first two-way cryptocurrency ATM.

This is according to a report published by local media outlet Philstar.

The move lets clients buy and sell cryptocurrencies for cash through the ATM as part of the bank’s “sandbox” — a framework for doing experiments in a controlled environment.

The report cites that the system fulfills existing regulations and is the result of a collaboration between Union Bank and the country’s central bank, Bangko Sentral ng Pilipinas (BSP). The ATM is said to provide “an alternative channel to convert their pesos to virtual currency and vice versa.”

Union Bank reported earnings of 7.32 billion Philippine pesos (about $140 million) last year. The bank is in the top ten largest banks in the country, in terms of assets.

The BSP has been officially regulating local Philippine crypto exchanges as remittance firms and recognizing virtual currencies as a legitimate payment method since it officially published Circular 944 in February 2017.