In a potentially revolutionary move, a major bank in the Philippines has rolled out Philippine’s maiden crypto ATMs. This new development sees the Bangko Sentral ng Pilipinas (BSP), collaborating with Union Bank which is one of the largest commercial banks in the Philippines. Over the last two years, the central bank has moved to regulate the crypto industry and approving the country’s first crypto ATM is a major move in this direction.
With the Philippines being one of the first countries to recognize and accept cryptocurrencies as a means of payment and transaction, many people frequently use it for a variety of purposes which include trading of digital assets, payment of utility bills and everyday transactions like mobile phone airtime among others. As a result, Union Bank’s new cryptocurrency ATM could boost the confidence that people already have in crypto as an asset class.
This is the first time that a commercial bank within the country has collaborated with the central bank to roll out a crypto ATM that could revolutionize the market. According to an official statement from the bank, the ATM will allow local customers to easily switch between cryptocurrency and pesos which is the country’s official currency with relative ease. It is essentially a dual functional machine that can be used to buy and sell cryptocurrencies.
Moreover, the launch of the crypto ATM points to a deliberate and sustained relationship between commercial banks and the apex bank in terms of improving the crypto industry and increasing credibility among local users. Union Bank has revealed that it has been collaborating with the central bank on a number of ventures over the years. This is especially important due to the growing wave of crypto users in the Philippines.
According to Pantera Capital CEO Dan Morehead, the increasing popularity of Coins.ph a bitcoin platform in the country that now boasts one in ten adults as a customer is a pointer to the current realities of cryptocurrency within the country and an indication that crypto applications are working more than ever before.
As a result, the newly launched crypto ATM endorsed by the central bank will further fuel local confidence in the currency. There is already a rapidly swelling avalanche of retail outlets, apps and local brokers that allow users to buy sell crypto just about anywhere in the Philippines and while this can be put down to the lack of available banking options for the majority of people that narrative is about to change.
The launch of the crypto ATM by Union Bank will make digital assets readily available to people within the Philippines and increase the liquidity of cryptocurrencies within a short period of time. Although only one machine has been launched, the bank will monitor the market and consumer feedback before deciding to increase the scope of their latest operation. The bank has always been an avid enthusiast of digital assets and with CEO Edwin Bautista at the head of this new revolution, crypto users within the country can look forward to better times within the cryptocurrency industry.