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As per local outlets, Union Bank in the Philippines, a top bank in the Philippines, are the first to start using crypto ATMs. An official statement from the bank related that the goal for the ATMs is to provide local users a better, faster, more efficient, cheaper and easier way to exchange between fiat and crypto. These are two way machines, giving the users the ability to buy and sell cryptocurrencies.
“In 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,” UnionBank said.
TIt is a special moment in crypto, as this is approved and supported by the central bank and government. Since 2017, Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has taken a forward approach towards overseeing the local crypto currency industry. With the hesitation of the US and other countries towards this industry, the growth of adoption for this reason and others has been slow. With one, there will come more, so governments and central banks supporting this technology, empowering peole and regulating a growing industry is extremely important. The Philippines was amongst the first countries to regulate cryptocurrencies as a recognized asset class and as a remittance method and is the first instance of a major commercial bank working with the central bank to regulate and help to roll out the launch of a crypto ATM.
“Pantera Capital CEO Dan Morehead stated that one in ten adult users utilize Coins.ph, the most widely used cryptocurrency exchange in the Philippines. Morehead stated: A week or so ago, we announced that we sold Coins.ph in the Philippines and I think that is a great example of Bitcoin’s actual usage now and not 20 years from now. They have one out of ten adults in the Philippines as a customer. That’s very real. I think it is important for the community to really know that there are applications that are working right now.
In early 2018, Coins.ph had more than 5 million users on the platform to pay bills, make credit card payments, purchase phones, trade digital assets and send money all over the country. With the Philippines rate and levels of adoption already being higher than other regions, this is welcome news to the crypto community. As it stands today, the Philippines could be one of the best countries for crypto users, as they can buy and sell digital assets at will and everywhere in the country.
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