Union Bank of the Philippines preps crypto first

Union Bank of the Philippines is launching the country’s first two-way virtual currency ATM that complies with rules set by central bank, Bangko Sentral ng Pilipinas (BSP).

This is part of the Philippine government’s regulatory sandbox. “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,” Union Bank of the Philippines, one of the largest banks in the country with over 300 branches, said in a statement.

No mention of the coins involved.

A picture of the ATM has been posted on Twitter by Mike Abundo.

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.