Crypto adoption in the Philippines continues to take form with the Union Bank of the Philippines (UnionBank) launching a two-way cryptocurrency ATM under its sandbox program.
In a statement to local media outlet The Philippine Star, the bank said: “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.”
The initiative is said to serve the purpose of allowing crypto users to buy and sell crypto for fiat, hopefully, increasing the adoption of crypto usage in the country.
The Philippines has been making strides towards becoming a crypto inclusive economy, as it pushes for crypto adoption on many fronts. Last week, the country’s regulatory body, the Cagayan Economic Zone Authority (CEZA) announced the provision of a set of rules that will provide clearer rules and guidelines for crypto innovation in the country.
More so, in a show of good faith, it gave 19 exchanges the permission to commence operation under the new regulatory framework.
The central bank had also been actively involved with crypto-related activities since last year. It had given permission to two of its commercial banks to transact cryptocurrencies, allowing them to exchange from cryptocurrency to Philippine peso.
The rise of ATM installations around the world has grown and continues to prove that crypto adoption is increasing despite the conditions of the market.
Last month, Bitcoin News reported how the installation of ATMs had gained traction in 2018 just as in 2017. With over 4,000 ATMs currently installed globally, sadly, only one had been listed in the Philippines before this latest one, according to data from Coin ATM Radar.
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