Bitcoin-adaptation: The Philippine Central Bank sets up Bitcoin ATMs

the Bitcoin ATM are now – if not in Germany – no longer a rarity. Meanwhile, many crypto have set up companies almost worldwide ATMs for Bitcoin & co. Also in the Philippines, there is now a Bitcoin ATM set up by the Union Bank, in cooperation with the Philippine Central Bank.

Tanja Giese
11. February 2019 BTC$3.629,12 -0.27% part Facebook Twitter LinkedIn xing mail

The statistics show that, at present, a total of 4,325 crypto ATMs in 76 countries. Also in Manila, the capital of the Philippines, a Bitcoin ATM is now available. What is Surprising: He was set up by the banking giants, Union Bank, together with the Philippine Central Bank.

An alternative channel

The Philippine Bitcoin ATM is the result of a collaboration of the Philippines-based Union Bank and the Bangko Sentral ng Pilipinas (BSP) – the Central Bank of the country. This is from a report in the local media, Phil star of 6. February. By even the Central Bank was involved in the development and installation of the vending machine, you could ensure that it complies with all applicable regulations. In a statement, the Union Bank, it was about the motivation for the installation of the Bitcoin ATM:

In the endeavor of the Bank, to the changing needs and tastes of the customer, including the customer, the use of virtual currencies, will provide the ATM with any of these customers an alternative channel to their Pesos into virtual currency and Vice versa.

provides one third of crypto ATMs in the world, both the Deposit as well as Withdraw. Most ATMs are limited to the Deposit of Fiat currencies. The selection of the crypto currencies, at Philippine ATM leaves nothing to be desired. In addition to Bitcoin, Bitcoin to Cash, Ethereum, and Dash, you can choose also between Litecoin, Zcash, Monero, and even Dogecoin.

Read also: Bitcoin ATM manufacturer Lamassu new home in Luzern

crypto-friendly island state

In the Philippines, crypto-currencies are becoming increasingly popular. After 2017, more and more transactions with Bitcoin & co. have been made, had the GNP of a formal regulatory framework for the exchange of virtual currencies. This means that crypto-exchanges in the BSP as a Remittance, and transfer companies register. For this purpose, the Exchange must be able to demonstrate that you have taken into account KYC - and AML-guidelines and.

The Union Bank is, however, no novice in the crypto-Space. In November 2017, the Bank opened a branch with the name "The Ark". The special feature of this branch is that it claims to be the "first fully digital branch of the Bank in the Philippines". Edwin Bautista, President and Chief Executive Officer of Union Bank, said that the Bank's plan for 2019, to increase the points of contact between crypto - and Fiat-world. For advanced features in the mobile App, as well as the introduction of additional The-Ark-branches.

You're a Blockchain or crypto-Investor? : The digital crypto-compass is the first market letter for digital currencies, and provides you with monthly exclusive assessments and comprehensive analysis of the current situation on the Blockchain and crypto-markets. the for free Now