We recently wrote about the rising number of crypto ATMs. More machines are being installed every day, all over the world. The current rate of growth is 5.3 new machines each day and the total number according to the ATM Radar is well past 4000.
A major bank in the Philippines, the Union Bank, announced that it is launching the country’s first two-way crypto ATM. It will allow clients to purchase and sell cryptocurrencies for cash in the controlled environment of the bank’s “sandbox”.
At this moment no information about the available cryptocurrencies is available yet.
“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,” – we can read in bank’s statement.
The new ATM is a result of cooperation between Union Bank and the central bank of the Philippines, the Bangko Sentral ng Pilipinas (BSP) and is fully compliant with local regulations.
The information comes shortly after a new set of regulations was introduced by the CEZA (Cagayan Economic Zone Authority). The rules cover the acquisition of crypto assets and aim at regulating the industry while protecting the investors.
Images by Shutterstock.com