PHILIPPINE UNION BANK BEGINS INSTALLATION OF CRYPTOCURRENCY ATMs

One of the largest Filipino banks Union Bank has established the country’s first cryptocurrency ATM, which will allow local users to easily exchange cryptocurrencies for Fiat funds and Vice versa.

The emergence of such a device demonstrates the adoption of cryptocurrencies in the Philippines. Recently, the country has adopted a set of comprehensive rules to regulate cryptocurrency and ICO called Asset Token Offering (DATO).

During the work on the creation of the crypto ATM, representatives of Union Bank were in constant contact with the Central Bank of the country, as a result of which the installation of the device was approved by the Central Bank of the Philippines.

It is reported that at the moment only one crypto ATM has been installed, but such devices will continue to appear in the offices of the Bank, if there is a demand for these services.

Recently, the head of Pantera Capital Dan Morehead said that every tenth adult resident of the Philippines uses the services of the country’s most popular cryptocurrency exchange Coins.ph. With the help of cryptocurrencies, users of the platform can pay for utilities, pay for credit card payments, as well as send money and trade assets.