Bitcoin Forum

Union Bank of the Philippines Launching Cryptocurrency ATM


https://news.bitcoin.com/union-bank-philippines-cryptocurrency-atm/

Another compelling moved that the Philippines is really working hard and getting closer to adopt bitcoin as one of the biggest bank in the country is launching a crypto ATM. Union Bank seems to be spearheading this, and as far as I can remember this bank is one of the first if not the first to integrate Paypal as well in the country. So let's see how it goes.

I usually think that new bitcoin ATMs aren't that relevant(though any publicity is good publicity I guess), but knowing that a bank itself is releasing a bitcoin ATM? That's quite a big deal in my opinion.

It is a bold step for Philippines economical development and also for the entire crypto world if the project execute effectively and this will make more people to attract into bitcoin and cryptocurrency markets because the progress and the expansion is visible to them in the country and because of ATM machines all the necessary facilities will be reachable for any local area so it is a smart move by the bank to go beyond traditional methods to provide better services to there customers

That's is good news for the Philippines especially for its citizens. I think Union bank already know the huge potentials of Crypto Currencies and they are the first ones to adopt it in the Philippines and they made a good move to show their support in blockchain and cryptos.  8)

It is normal that only a few people will use it during this time and it will take a lot of time for people to be able to understand it and learn about Crypto Currencies and its usage and advantages. We don't know when will the mass adoption of Crypto Currencies in every country occur but making small steps at a time can make a huge difference in the future if you know what I mean. :)

Probably that is the start to trigger another big banks institution out there in the Philippines to follow the step of what Union Bank did. That is one of the advantages there in the Philippines, they have adopted cryptocurrency and their government is quite no implementing laws regarding this. Yes, they saw the potentials on Bitcoin that's why they are now crypto friendly.

Exactly, it looks like the current administration has taken this hand off approach as compare to other nations around. Perhaps this is a good marketing strategy as we all know that banking sector's competition is very tough and this is one way to get younger people and it could also bolster's crypto in the Philippines.

It could set a precedence, but we all know that Security Bank has distance itself from crypto as evident that it's no longer supported by coins.ph.

True, though I know that a lot of Filipino miners and traders utilize Unionbank's services for their needs, alongside BDO and BPI (which are the biggest banks here.) The Philippines is a country ripe for the picking for cryptocurrency investments and startups, as the country is somewhat friendly towards such ventures knowing that it could potentially drive profit and boost employment should someone decide to open up a firm here. Anyway, I don't think bitcoin ATMs are that relevant for the Filipino community, but it's a good way of telling and reminding people that at the least, the scene is somewhat ramping up its game.

Thats a very very big good news yet for all crypto lovers of Philippines. Thanks to Union Bank of the Philippines to think about the importance of BTC at this moment and also a big deal to paypal i think.

Having 7/11 stores all over the country in which the most accessible place where you can easily purchase bitcoin(or i mean cash to convert in bitcoin)together with its own online wallet Coin.Ph i guess this has nothing big deal so far since the majority of Filipino cryptonians are using this Coin.Ph wallet

But in wider perspective Union Bank of the Philippines is looking towards future and want to he the first and pioneer to offer for the crypto community,this has been a very good timing to start this and for sure many banks will follow as well

The government of Philippines took a real bold step toward the future! As a hardcore bitcoiner, I welcome their decision!

We keep receiving good news nowadays. Even the popular bank in the Philippines are now adopting cryptocurrencies. Many banks are now aware to the potential of the bitcoin and that's why they are now adopting. Union bank is one of the influential banks,  so there is possibility that it can spread awareness to other people about the bitcoin and blockchain technology.

Indeed, this is a big news and a bold move from Union Bank to pioneer this in the country so that bitcoin will be more popular in the Philippines in the next coming months. Asia seems to be moving forward with and making a big fuss on cryptocurrency and I wouldn't be surprised if it would overtake North America in terms of trading volumes and adoption this year.

That's a great news, now that the Philippines are slowly adopting to it. It's a good start for the Filipinos to try and embrace cryptocurrencies. Now that a big bank (union bank) is the first one to try this, I hope it'll soon spread and more banks will eventually try this adoption. This is a good news for Filipinos who uses cryptocurrencies

I already see this latest news in our country which is Philippines and I think launching ATM for cryptocurrencies will have good impact in our country where many people already use cryptocurrency. If this kind of ATM will be fully launch in our country we can easily convert our cryptocurrency into fiat.

I doubt it. The Philippines already has ye ol reliable and very famous Coins.ph; which is easy enough to convert Philippine peso to bitcoin back and forth with. Why would people use an ATM with higher fees? I only see this news as good due to increased publicity, and it shows that these kinds of businesses are green flags to the government.

This is a publicity stunt but i am not sure about the fees they are implementing, usually bitcoin ATM have a higher transaction charges around the globe yet if it will benefit the public or the tourist and people are making use of the development, it is a good thing for bitcoin and the users in Philippines. It would be great if the merchants starts accepting bitcoin and thereby a mass adoption can make a huge difference in this sector as it will benefit all the travelers to that country as they do not have to convert into Peso rather pay directly with bitcoin.

It's a great news and it's a good job from union Bank to do that and I think many people will be attract about bitcoin or crypto. It's a good step to the Philippines that they work hard to make the Cryptocurrency will be adopt to the country. And I think it will be big help to economy.

the launching of ATM is another way to foster the massive adoption of the bitcoin in various part of the world. that people walk into ATM gallery and make good withdrawal via the ATM machine is a step ahead of other methods of propagating massive adoption of the blockchain technology.

This is a proof that the adoption is now occuring, the union bank is one of the most popular banks in the Philippines and for sure it has a big impact to the cryptocurrency community because they will launch a bitcoin atm.

Considering that Philippines is a third world country, it means that bitcoin adoption has really gone a long way already. Though, usage of cryptocurrencies has been there for quite a while already, I did not expect that they will set-up their own bitcoin atm soon. Anyway, South East Asian nations has growing number of crypto enthusiasts, so there's no doubt they will come up to this.

I think it's available for everyone as per this statement

Link source --> https://www.bworldonline.com/unionbank-to-roll-out-first-virtual-currency-atm/

I've read some news about it that their supermarket was having an ATM already, so what is it all about? Is it the bank who released it for further use in the supermarket? Most countries had their own ATM's already though it is beneficial to other crypto users if they could easily reach any available ATM to pay their bills.

This is a great news, its mean the mass adoption is getting closer, and this could make the other countries to follow the footstep, putting ATM usually is a small step, but this atm is put by the big bank institutions, in other words this country is ready to try crypto for adoption, so its another great progress for Bitcoin

I think by using bitcoin ATM machine, it will create some public awareness about bitcoin.
Not only bitcoin but for cryptocurrencies, because the machine is placed in public.
Everyone who passing nearby, will have possibility to see the ATM and ask about it if they curious.

It is nice to hear, Philippines seems to be a country which is readily accepting crypto. I am curious about the 2 ways Bitcoin ATM, does it means that the user can buy or sell Bitcoin using the ATM?

A big move by Union Bank indeed, they really saw potential of the blockchain technology (crypto). They are the first in the Philippines to implement this and no doubt soon more major banks will adopt the same. I hope that Philippines will transform into a blockchain capital in the near future just like Switzerland.

Union bank of Philippines launching cryptos ATM started on a right foot, this is a massive boast to the teeming crytos enthusiasts in that country, this singular act by the bank is brewing in more confidence into the crypto world as more banks will follow suit thus providing an alternative means of transactions to their customers using ATM, in fact more recognition will be adequately be given to cryptos in that country.

the very right step to see business progress between countries that is very fast must be followed by the ease of the payment system, by opening a bitcoin ATM the Philippine government makes a very appropriate step, maybe countries in the region will follow, if this happens there will be a very nice.

I'm glad they chose to go with Lamassu (https://lamassu.is (https://lamassu.is)) for their ATMs. Josh (https://twitter.com/joshmh (https://twitter.com/joshmh)) is one of the nicest humans I've met! He also happens to be very knowledgeable and technical and is a true "OG" in the crypto world. I foresee big things for this company! :)

bitcoin has been being adopted in Philippines for quite some time now, so this is not the first step at all. but also it is nowhere near mass adoption either. we are on that path though. besides this is a bank setting up some ATMs, most probably to make more money from the customers, although that is still good news but i never get excited for anything less than merchant adoptions.

Another great news about cryptocurrency here in the Philippines. Soon, cryptocurrency will adopt by the mass because of this kind of institution who's showing to people that cryptocurrency has a great potential in the future.

Interesting article and press release by Unionbank. They (Unionbank) know that they are not the first one who launched a Bitcoin ATM in the Philippines. First Bitcoin ATM in the Philippines is located at Sunette towers near P.Burgos street, that's why in their press release they clarified that their ATM is compliant with the rules set by Bangko Sentral ng Pilipinas. I hope they set up that ATM in Quezon City not in Makati since there's one there already.

I agree, it is positive and progressive thinking. Fintech investment and
development is on the rise.

This is a good move by UnionBank to introduce a Bitcoin ATM, It does
definitely promote both Bitcoin and themselves. They seem to be progressive.

Philippines has a good development in Asia, it's just that I'm also in Asia but the government in my country doesn't release anything about crypto currencies, maybe there are only a few cities that have ATM machines like that not much, but maybe next year, the news is cool if many begin to adopt bitcoin and expand

The big deal is that it's a coming from one of the leading banks in the Philippines, so this is very welcoming news indeed.


It could be one main reason for them to launch this project, on the contrary, BDO (another one of the most established banks in the Philippines) has been making a U-turn: https://www.reddit.com/r/Philippines/comments/7l06db/bdo_allegedly_subjects_accounts_to_closure_for/

This is good news to the Filipino people as they are adapting a technology that will help the believers to have an early advantage on the blockchain technology. This will also be a legal proof that bitcoin and the blockchain is not a scam but a high technology that will meet every Filipino peoples high expectation and prove all the doubters wrong from the start they are negative about cryptocurrency.

Maybe it is the fastest way to have massive adoption in the Philippines. But, I think the best way to have massive adoption is to accept it as currency where even our government will accept it. I hope more banks will launch this kind of machine because both banks and cryptocurrencies will get benefit from it.

In addition to what you said. I'm not surprise that Union Bank of Philippines was the first to launched crypto ATM in Philippines because they have proofed to always be the first Bank in Philippines to integrate very modern technology or system which have to do with the future. Implementing a crypto ATM will definitely help crypto currency in Philippines but all thank to Philippinean government either.

more and more countries are starting to develop bitcoin and give permission for the use and trading of bitcoin, so surely the price of bitcoin will be very expensive and many transactions will certainly be easier to do.

I agree. It is not the matter of negative effects of crypto most especially Bitcoin in a specific country but it is the matter of letting citizens to get into this industry  either for investment purposes or for payment purposes. Convenience is what we are looking for here so I think crypto has more potential that is why Union Bank adopted Bitcoin because they might see that enthusiasts and the crypto community is getting bigger in the country. I do hope that fees are lower with it's ATM.

Its great to see that bitcoin in the Philippines is improving and many filipinos will adopt bitcoin and use them on buying stuffs because as far as I know there are some stores in Philippines that accept bitcoin as a payment which is really cool and it can have positive impact on bitcoin.

As I remember, they are tied up for a certain ICO  before which they probably used for their integration with crypto. They are the first bank in the Philippines who used crypto technology without 3rd party involvement and I really sure that Filipinos will used crypto ATM's aside from usual ATM cards we used. This is one great development of crypto in our country and it could be more to follows.

Yeah this is good news to the Filipinos especially to those who are new to cryptocurrency, this is a reason to trust them in bitcoin and in other altcoins. Thanks to the union bank because they are the first one to adopt and i strongly believe that many more to adopt the crypto but step by step just first and in later generations the crypto will adopt worldwide

Such ATMs will be used by a small number of people, but it is still very good that they appear. At first it will not be very relevant, but in the future I think that such ATMs will be almost everywhere.

The placement of Bitcoin ATMs directly by a huge bank is an important indicator of the fact that banks can no longer stand up to the market's demand, and that banks are seriously considering to work in the crypto currency market. I think there is no reason for us not to hear similar news about such developments in 2019.

It's actually just a test, an experiment. It's only one ATM machine. The bank owners are future-oriented and they wanted to be at the forefront of fintech. But they want to see if there's real demand first.

I think they are not the first one to launch a bitcoin ATM in the Philippines but a bank yes. Well its a good news for Filipinos who are into bitcoins, its a sign they are progressing in cryptocurrency and I believe as time passes by as they see more and more bitcoin ATMs being launched everywhere in the country, adopters will also be more. That will be good for attraction.

As a filipino we should use this machine even though it quite far from our home so that union bank will think and add more bitcoin atm but what if they sync the bitcoin atm to their ordinary atm machine they will inject the software that they are using right now and I think it will cost less because they will not creating a new atm machine but instead just update the software with an bitcoin function.

The Philippines and Indonsians  are more serious when it comes to cryptocurrency and the governments are doing everything possible to raise the economy through the utilization of Blockchain and cryptocurrency. Building cryptocurrency ATM amongst the Philippines is an important step towards that goal.

This is a good sign of adoption in the Philippines, bank adopting crypto is a big thing for the space.
With a crypto friendly government, everything is possible and since Unionbank is one of the biggest bank in the Philippines, I'm sure they
will get the attention of an average joe, they won't call bitcoin as scam anymore since they already see a bank backing it.

This is a good step for the development of digital currencies in the Philippines, and even systematically will have a positive impact on the pace of crypto development globally. It needs a lot of growth and also the role of crypto support more, with the opening of ATMs it will make crypto at a much higher level in the global financial system. There must be a continuous increase and then we will feel the benefits

Such good news as this is a great leap towards the crypto currency development and adoption in the Philippines. This is to boost the Filipino crypto community to continuously support the future of payments and to widely share good benefits on having crypto currency in any form of social media platforms.

I see that coming, since the media's  bring bad impressions about bitcoin, as a lots of scam ponzi networking victimized lots of innocents filipinos,
 this move coming from one of the biggest bank around the country will bring light that bitcoin is not that bad to invest with, we need to promote more
about cryptocurrency in order remove those doubts.

Good move,  if more banks and businesses promotes the use of cryptocurrency inside the country, it will attract additional people to start investing.

Philippines as a country in Southeast Asia is now starting to take good action by launching Crypto ATM. maybe it can be copied by other countries in Southeast Asia and it has become a crypto progress in Southeast Asia.

Unbelievable, good news from Philippine largest Bank making the right choice in the right direction in launching cryptocurrency ATM across board for her citizen to derv into the world of cryptocurrency with full potentials. This will aim at adoption and acceptance of the blockchain technology whereby other countries will follow suit.

The Phillippines is catching up with the rest of crypto friendly nations with the launching of Union Bank's bitcoin atm. Banks have been considered anti cryptocurrency in the past but this local bank even lead the nation's first crypto atm. With this development, the adoption of bitcoin and other cryptocurrencies in the Philippines is boosted further and I hope this event will finally put the country in a crytocurrency map.

Right, that's why this news is making a lot of noise, specially coming from one of the largest banks in the  country. The country is alrady in the cryptocurrency map because it is already friendly and has amended regulations like AML/KYC for local exchanges.

Only the Philippines is only a small country, but it will surely influence the rest of the region and it could boost bitcoin adoption by local merchants and even big stores in the Philippines, it's really very cool if that happen in the future.

Another positive adoptation of the said country. They have supported bitcoin through implementing this kind of system. As we all know, many are using bitcoin now through coins.ph (a wallet used accredited by Philippines), it is now more convinient if Union Bank of the Philippines are providing bitcoin ATM machine.

If majority of you guys are not aware, the bank has just open last year Union Bank Opens Blockchain Institute (https://bitpinas.com/news/union-bank-opens-blockchain-institute//). So I don't know if this is just a marketing strategy on their side because it really looks that they wanted to be the first crypto friendly related bank in the Philippines.

I think it's a profit related approach. Knowing that the Philippines has a large market for crypto-users, they may have wanted to optimize the opportunity. Other more well known banks have already been open to crypto, as far as I know BPI and BDO, two major banks in the Philippines. I think Union bank is the first one to openly publicized and decided to launch a crypto ATM. It's a bold move for them considering that the Philippines has only been starting to warm up to the concept of crypto.

I'm didn't know that there are blockchain institute in the country, so I wouldn't be really surprise if Philippines became one crypto hub specially with the exchanges, their crypto friendly attitude and of course the attitude of their banks.

I saw this news also 2 days ago and i think that its for their publicity only to gain more clients since we all know that many filipinos are into bitcoin but it can help to expose cryptocurrency in the philippines so many people won't think bitcoin as a scam and will now be acknowledged.

I appreciate the decision of the bank to allow crypto transactions but at the end of the day, merchants will anyhow convert crypto into the fiat currency. We need some mechanism and awareness regarding transactions only focused on cryptocurrency so that we as a consumer can directly spend our cryptocurrency at the same time merchants can do for the payments in crypto instead of converting it into any other form of currency. This is interrelated ecosystem and we must build a sustainable model for the same to improve the crypto industry.

This only show that banking sectors are taking seriously the huge potential of bitcoin and other cryptocurrency and this moved of union bank would be a start of banking sector to increase their profit in the future.

It's definitely profit related but it looks like they're doing good for the crypto enthusiast in the Philippines. But at the end of the day, those banks will make money out of everyone and will milk everyone as much as they can. So I have mix emotions though, it's a bold move but I'm not that confident that this is right recourse if they really wanted to promote crypto in the country, and I don't think that it may set any precedence whatsoever, majority of Philippine banks will remain hostile, I assume.

Strange that I couldn't find a single piece of information on the website. I know it's probably not a big deal at all but I was really curious to see if this bank was serious about it. Who knows it starts a wave of SEA banks all offering it? Not that I'd ever buy from an ATM I would like very much to save the 10% fees and get it from a p2p trader, thank you;)

Well this sounds like a good news. Philippines is a huge country and it supporting bitcoin is a really good achievement.
I just hope that there are no legal issues that it has to face since launching a crypto ATM involves legal jurisdictions.
Once the launch is successful, I guess that many similar crypto ATMs will be launched and this will motivate the other countries to do the same as well.

The advantage is;with these crypto ATM, people can now make an instant transaction (cash-in - cashout) that is way better to the current instant withdrawal features of coins.ph which is LBC and Cebuana (no more Cebuana cashout next month leaving LBC the only instant cashout option). LBC and Cebuana withdrawal is sometimes pain in the ass with their delay sending of claiming details to the point that it will never totally send throughout the day at some of the cases. People need to wait for coins.ph office hours before it can be looked on and then refunded.

There are also lots of Unionbank ATM stationed nationwide especially at busy urban areas. If these Crypto ATM will be placed besides, at least on majority of their station, that will be an easy access "24/7", way better to former EgiveCash of Security Bank or dealing with a long lines on LBC, Cebuana and other remittances center.

My only concern is the rates + fees and hopefully it won't hurt much. Coins.ph fees is not that good to me but since they don't have a strong competition, no choice but to deal on that. But if the fees where just identical or have only a small difference with coins.ph fees, these UnionBAnk crypto ATMs will be a good alternative.

cryptocurrency ATM launched in Phillippines, this is definitely good news for the crypto world. It goes to show bitcoin and cryptocurrency usage is gradually spreading across the globe even faster than what we anticipated. This is just the beginning definitely

The other countries are already accepting bitcoin in their banks and some of the project makers already created an ATM card that withdraws and deposit fiat and digital money. Good for them, Philippines are getting used on cryptocurrency and adopted it. Well, a marketing manager would also notice the great potential of the bitcoin so they started this blockchain instution here. This is one of the reasons why we still need banks in the future even there's a lot of online/digital wallet in the internet. I thought BDO will be the first who will step in the field of cryptocurrency because they didn't forbid and support crypto in transferring money from coins.ph

This news/article was already published last year and unionbank executive vice president and chief information officer notices the benefits of cryptocurrency, they saw a future on it.

One good thing about Union Bank is they are doing the opposite of what the other Banks are not doing. BDO, one of the largest Bank in the Philippines is allegedly not allowing Cryptousers to open an account in their Bank. They ask first where the source of funds is coming and when they found out that it came from trading cryptocurencies, they will not allow you open an account.  I hope other Banks will follow what Union Bank is doing.

Well I BDO and BPI bank is very useful to convert bitcoin into fiat by using via local online wallet coins ph. Union bank release the news to adopt crypto currency using ATM it is very interesting for the additional choices for all crypto enthusiasm to make funds transfer.

It is interesting to comply the development of the information about this bank union, actually I don't know much about bank union but I live in a country close to the Philippines. At least, this information can be used as a reference for other countries so that they can open their hands to cryptocurrency. For my perspective, the bank union's decision to accept and use cryptocurrency when other banks do not do that might be the reason that the use of cryptocurrency in the Philippines has started a lot. The union bank considers cryptocurrency as a tool that can be used as an advantage for them. When a country accepts cryptocurrency well then there will be one party that will continue to make it grow at least for them to get a adventage.

This shows and proved that not all banks are against Bitcoin and that they have different views regarding Bitcoin existence like here in the Philippines that banks are really supporting Bitcoin especially our Central bank. Hopefully that this would help Bitcoin price to become stable as many Filipino will now be attracted to join Bitcoin investments.

This may be great but I don't think that is.

First off, I do love cryptocurrencues being accepted in our country and I love to use them as a payment method but the thing is that, it is not the whole Philippines that is accepting it. We live in a province, I know that it is obvious that we will not be able to use Bitcoin there but saying that the whole country accepts Bitcoin is a bit disappointing. There are a lot of people that is like me that can't really use Bitcoin in the real world unless we use a certain exchange, we can't really use our Bitcoins.

This is the beginning of the banking revolution in the Asian region, this shows that blockchain technology has begun to be looked at and developed by banks where it is a positive sign for the use of cryptocurrencies both as investors and traders. The use of cryptocurrency ATMs will make it easier to transact without limitation of distance and time.

Many governments try different things to develop there economy through experiments and what Philippines has done is very radical because this is the time some governments stand against crypto so there decision to allow cryptocurrnecies can be considered as a radical choice but It will be a bold step for Philippines banking industry and also it will give the first foot step to expand and develop cryptocurrencies locally to become them much closer to people with there day to day businesses and other transactions

Here's a good article on How to use a Bitcoin ATM (https://wethecryptos.net/how-to-use-a-bitcoin-atm/)


Here's their video about it: https://www.youtube.com/watch?v=h6kbUpoAHcA

I'm Thinking they're based on the PH

As far as I know, there are now some active BitcoinATM machines in part of Manila, especially in Makati city. But it's not that famous from cryptocurrency users. I hope union bank can distribute bitcoinATM nationwide in the P.H.

It's a big deal because it's not from a private company but a regulated bank and the fact that it is a 2 way machine. Great that there is another crypto friendly country now

a good thing if the banks in the Philippines make the latest innovations by launching bitcoin atm, maybe this can inspire many countries to continue to make these innovations.

It's such a good news knowing that Philippines is open to this kind of innovation. Union Bank opens great opportunities and help attract other countries and establishments to welcome and accept Cryptocurrency. As one of the established banks in the Philippines it creates a positive impact, to promote, and create such extraordinary influence to the public on the true importance of Cryptocurrency.

We don't know, but I do hope that it will start a wave all over the SEA banks starting to have their own crypto ATM's. I think it's a big deal because of the reputation of UnionBank itself, may not be the top bank in the Philippines because as far as I know, banking system are a stiff and cut-throat business there.

So this might likely be chance for UnionBank to capitalize the crypto craze in the country by offering ATM. So let us see if other SEA countries will follow as well.

Well, that was a good news to know then. It seems that Asian countries are really making one step at a time getting close on using and regulsting the usage of cryptocurrency in different ways as possible. It is not surprising that Philippines being one of the smallest country in Asia is now turning its head on accepting cryptocurrency because as far as they concern, many Filipinos are already into doing tasks to earn Bitcoin so why not use this opportunity for them to lend a helping hand for the Bitcoin users to have their service about cryptocurrency usage made possible through the coordination of the Union Bank of the Philippines especially made possible by the Bangko Sentral ng Pilipinas. I am looking forward for the success of this launch because it will surely benefit those Bitcoin users and attract people to get engage into cryptocurrency as well.

many already countries are providing bitcoin atm facilities so I think bitcoin will be increasingly known to people and I am sure from that it will have an influence on the price movements of bitcoin and the use of bitcoin will be more and more throughout the world will grow.

I think this is not the first Cryptocurrency ATM machine in the Philippines but anyway since this is a banking institution, its good to know that they started to introduce a machine like this hopefully I will be more secured using this ATM, because if its not you’d better to buy online.

I am from the Philippines and have not tried to use ATM I am more comfortable using a web service like Coins.ph but if this is something that can fast track the use of cryptocurrency in the Philippines I would like to visit one and use it to compare between the two or use both alternately.

I know that some of the banks are against Bitcoin but this bank made moves that they will support crypto. Now they are launching crypto ATM. This move will make crypto-investors to open a bank with them. I'm thinking that if this will be a successful one, other banks will copy what they are doing.

Now I'm thinking of creating of creating account with Union Bank  ;D ;D

Yeah, I have a friend working in that company, last year they study how cryptocurrency benefits other people and also union bank is one of the bank that can deposit money in your wallet and can buy bitcoin,eth,xrp and bch from coins.ph.

Banks aren't necessarily against Bitcoin, but it's more so that they don't know how to deal with it legally. There are so many grey areas concerning crypto in general, that it just isn't interesting enough for most banks to dig into this. It's easier to not do anything and let regulators stipple out the 'rules' than to dig into it right now and potentially risk severe sanctions.

I assume that you're from Philippines yourself? Even if so, I wouldn't just create a bank account just because of something like this. Read their terms and conditions carefully. More likely, this ATM will not require you to have a bank account there, so it makes creating a Union bank account even more unnecessary.

Integrating the system will make it more easier for users to directly send their funds without using third party business, another one good steps from
country who's still in the progress of development, seeing the potential of crypto to help, opening a bridge for both investors and traders to use this
channel to much lesser process.

Looking forward for more updates and progress.

And thats why Filipino bitcoiner turns to crypto because of what banks has bring to them so Coin.Ph is enough for the people to have access in bitcoin and need not to go in banks

But atleast this may give another option to the people because there are first bitcoin ATM in philippines located in Makati and Baguio city,now union banks many choices means popularity in future

I think it didn't mentioned in the article that you need to an account in that bank to fully used the bitcoin ATM. But I guess your already positively affected by the marketing of Union Bank, because you're planning to an account already.  ;D

Too early to celebrate here, I don't know how many crypto ATM's the Philippines has, and I"m more interested on its actual usability for Filipinos as they have their own beloved coins.ph to buy or sell bitcoin and other crypto's. Although more alternatives the better, I guess.

I'm surprised that even banks are now creating bitcoin atms. I found out that the union bank is one of the popular in the Philippines. It can become attract people in the society to patronize bitcoins because it has power to influence the other people. It is a good news because even banks are now recognizing the benefits of bitcoin.

It is not on just on that point. it is all about the development happening and the adaptation of the currency within a country.
I think this is not just a good new but a good addition to make the demand better not just in the Philippines but also other part of the world.

As time passing by, we keep seeing improvements in the cryptocurrency world. The Union bank will become a great factor to the citizens of the Philippines to become interested in using bitcoins. The reason why union bank is now launching bitcoin atms are because they saw that there are a lot of people in the country who are interested in patronizing bitcoins.

This step will definitely improve the lives of many in the Philippines, living in the Philippines has been the most unfathomable experience I will definitely treasure in my life.  Banking in this country, as much as I remember is never been easy, you have to wait in a long line just make a transaction. This move will definitely make anyone's life living in the Philippines even more exciting.

Cryptocurrency ATM is a must when more and more users get into the network. Philippines being one of the country in the Asian continent having lots of cryptocurrency users coming with a plan to launch its own cryptocurrency ATM is truly appreciable. The same being done by one of the leading banking service provider Union Bank will let reach common people with ease.

I wouldn't say it's a must, but probably just a "nice-to-haves".

I say this because those bitcoin ATM machines will charge you huge fees to begin with so I don't think it's a nice idea for crypto enthusiast to rely on these ATM machines. Localbitcoins is still the best way, if you have to ask me. What makes this special though is that the machine will come directly from a bank in the Philippines, which is unheard of, as far as I know.

Bank Union Philippines sees a business opportunity by launching an ATM cryptocurrency, because more tourists or Filipinos are using crypto digital money.
The bank always looks at it from the business side, therefore whoever sees the opportunity early and is brave enough to take a decision will enjoy the profit first and one step further.

this is so so good to hear. Indeed bitcoin is moving to places even at a greater pace than we thought initially. if Philippines can come up with this am positive other countries will hoin them soon enough. Bitcoin is just getting started, more to come soon

That is actually good news because the bank itself that many people refer to as "against crypto" is the one who is promoting it. You can see how they will adapt and use every means to maximize the potential of cryptocurrency. But I think it's going to be Bitcoin only.

This is a good idea for Philippines. It is an eye opener and for those who haven't been into cryptocurrency. Philippines is a very small country but people are so open-minded to ideas and technologies which could be beneficial to  the whole country. I would agree to most of the comments that are positive as this could be opening new door ways to the use of cryptocurrency which others might have taken for granted. Philippines is small as it is but bigger in its ideas to engage more on the use of this technologies. Good work Union Bank!

Though Philippines is a small country, it has got large number of cryptocurrency users. Union Bank clearly understands the need of the people and this has made them come up with the solution of launching cryptocurrency ATM which at present is not available even in grown countries.

Recent happening around the cryptocurrency has been good news and we wish this to continue which could lead to the adoption and acceptance of the technology. Philippines launching cryptocurrency ATM is a welcome development which act as an eye opener to other countries to follow.
     

yes you are right now there is a lot of good news popping up, even in 2020 there will be better news and will make the price of bitcoin back to be even more expensive than the previous price of just under $ 4k so this can recover again on it.

This is a little step and a brave decision to install ATMs by Union Bank. I believe it will spread the name of Bitcoin and cryptocurrency in Phillipines. They should make regulation for crypto exchanges, to obtain a registration certificate to operate as a remmitance.

This is great news, not only for the Filipinos but also for other developing nations. This might kindle the fire for other third world countries to embrace and adopt crypto also. And we all know for a fact that the more nations are adopting the bitcoin concept, the higher is the probability for crypto to be be legally accepted.

This was actually a good news for everyone especially holders of cryptocurrency in the philippines. I think this is for better transaction making easy payment and savings for our bitcoins. Due to this news, i think cryptocurrency will be more famous in the philippines as the government recognized it.

I have heard before that there were handful of Bitcoin ATM particularly in Manila right??  Now, if Im not mistaken, those machines is owned by international private companies deployed in the Philippines (I dont know much about it since it didnt catch my attention because my location is way too far from the business capital in PH)
Anyway, this is gonna be great if Union Bank will deploy atleast one Bitcoin ATM in all region.

This is really going to be great and it will be a major boost for crypto atmosphere especially for the fact that it’s coking from a bank. Another special feature is that it will be a two way atm which I think will Ben able to run both transactions for fiat and bitcoin. This is indeed awesome and I hope more of this happens even in other locations.

This is a great success for us, Because the virtual currency will rise faster and many people will have the interest to try to use it. Hopefully, other banks will also take steps to accept the crypto currency because it will greatly contribute to the betterment of the economy and all transactions will be fast.

With the launch of crypto ATM in the Philippines, of course this thing will real benefit all crypto users in the country, what else's launching the crypto ATM is one of the largest banks in the Philippines.  I hope the existence of crypto ATMs in the Philippines can last a long time, so the growth of people who adopt crypto can reach the target as many people expect especially cryptocurrency users as a whole.

Actually theres already an Bitcoin ATM in Makati and Baguio mate but this one is better because this may offer many cryptocurrency than just a bitcoin so i am looking forward about this,though Coins.Ph also offered 5 of the too cryptocurrency so far yet ATM will be more appealing than just a Local Wallet an offer

Before we wish other banks to have same as this,better we spread first the cryptocurrency to the whole nation,because we need another supporters aside from as all,crypto must be spread and adopted by many

Still in confusion here about cryptocurrency automatic teller machine.
I know bitcoin is not a legal tender so what does the ATM dispense or is it only for online purchasing and uses?

It ie "automated" not "automatic". Nevermind, it was just a simple mistake wnd besides it has the same implications somehow ;D.

This btc ATM let's you to buy and sell crypto with the exchange of fiat. In simple words, you are just like doing a btc withdrawal in Cebuana Lhuiller or cash in to through 7 Eleven. The different thing is you are only facing a machine, nothing more nothing less — no clerks at all.

And you also forgot to mentioned one factor as well, how much will be the fees? Cebuana or 7-11 or LBC charges depending on the amount your going to buy/sell and I'm guessing that those ATM's will charge way more bigger transaction fee's and there is where the business of the UnionBank comes in (making more money).

That is a good news for me. Although ATM is not really a big deal for me because in our province we have a few banks. However, this launching of Union bank is a big step and only shows that Filipinos are starting to accept the crypto. Through this, many people will learn crypto and soon other banKs will start to launch their ATM.

Maybe they see what is capable of Bitcoin. Better to adopt or they will be left behind because we know that the changes are so fast when it comes to technology. It is an excellent move of Unionbank to take leap in the world of cryptocurreny.

its good when you have fiat than take bitcoin from that atm with fiat. so, its like auto convert with low cost, and vice verza. i think, it will useful and helpful for bitcoin user, moreover you can convert in any coin. sooner or later, people will adobt this method, and crypto will accept in real life

One of the largest banks in the Philippines adopting cryptocurrency is really a great impact to filipinos who are still blind in terms of bitcoin... Especially if its acknowledged by BSP itself... This will open their eyes that cryptocurrency has a new role as of now especially in faster transactions..adopting cryptocurrency and study it will avoid everyone to be a scam victims....hopefully more people will accept crypto now..

A good one coming from Philippines and we hope many more news of such should flow in consecutively to enable the growth of cryptocurrency. Though, the launching and installing of cryptocurrency ATM machine without appropriate security may be a bad one due to the fact that security is the watch dog of the crypto-community. Let there be secure ATM by installing CCTV cameras and providing armed guard men around all ATM machine and protect them against hackers. 

Seeing a big bank spearheading the launching of bitcoin ATM will attract many people to try using the cyrptocurrency for their virtual transactions. The growing economy in the Philippines will further boost the use of cryptocurrencies and speed up its adoption by some retailers and shops. I hope the decision of Union Bank of the Philippines to put their own bitcoin ATM will also pave the way to establish more bitcoin ATMs around the country.

right we should not miss the development of the bitcoin market and the development of bitcoin in other countries because from there we can know the progress of coin how in the future besides that I also continue to adopt coin coin carefully hoping that there will be developments in the future so that it can be a savings for me in the future better future.

Off-course, its a big deal because this will be another avenue to promote cryptocurrency in Philippines and across the globe. Launching of the ATM machine will create more visibility awareness to potentials investors to make their first move into the world of cryptocurrency. Kudos, to this great country that fully accept cryptocurrency!.

The Philippines is one of the countries whose government is quite friendly towards crypto, it should be a trigger for other countries. So, the process of adopting bitcoin globally can be realized soon

In 2018 a bad year for Cryptocurrency but a strong year for the Philippines in the Crypto industry. Many ICOs have launched from this country. And the Philippines is trying to become a strong pioneer country in Cryptocurrency development.

It's a big thing that a bank itself is launching a Bitcoin ATM... This is just one of the actual news which let me think that the engines for cryptocurrencies are warming up for a new cycle sooner or later.

The Philippine community is open in nature
crypto will have a great future there
But of course the economy is not too strong to have a strong impact as well
However, this is a good step in the right direction.

This is the kind of good news that gives me hope that cryptocurrency is here to stay and a bright future awaits this tech. Other institutions alike will be make their moves without fear to support the development of cryptocurrency, giving room for more adoption.

I'm envy with philippines people, their government can accept bitcoin or at least friendly with cryptos. Meanwhile here, in my country, the government don't care about bitcoin and crypto. I hope my country can follow what philippines did.

Slowly but surely, Filipinos knows how to adopt and with this great beginning the banks itself will introduce crypto to their customers,
sooner or later the adoptions and usage will be seen all over the country, it's a one step forward for more success that can happen
while crypto still young and waiting for the big success.

This is one of the best things happen in the Philippines, actually it is already done since last year were Unionbank adopted the concept of crypto currency, and its one of the nice move of Unionbank, for sure other banks will follow on this step in the near future.

Happy news for the people of Philippines as their union bank is all set to launch cryptocurrency ATM. The government is making convenience for the public and it will be very useful for everyone and let other countries come forward and facilitate the people.

In a developing country like Philippines, this a great opportunity to improve the economy and the nation as a whole as well. Through this, I can foresee that crypto will become more popular in the country and will take interest to the different industries that can also adapt crypto in their business transactions. I hope it will continue to the other banks as well.

Not so popular yet but with the support of the government by granting licenses on business related to crypto, this is a good signal
for the future of crypto. This is the first bank to adopt wtih crypto through ATM and I believe there will be more banks to offer this kind of services.
For me, this is not really necessary since you can easily convert your crypto to fiat and vise versa but the physical presence is good.

What do you mean improved the economy? Unless anything related to crypto will create thousands of jobs for the country, I don't think it will have a significant effect financially.

Philippines though has show a lot of improvements lately, specially regarding crypto by fully regulating it through BSP, but it won't be enough in my opinion to push the country or at least help or improved their economy, just saying.

Wow, I was very impressed by this development. A great achievement for the Philippines because it has the courage to be open with crypto currencies. I really appreciate the Philippine government for giving permission and facilitating the issuance of crypto currency ATMs. I hope this will spearhead the emergence of crypto currency ATMs in other countries, especially in the Southeast Asian region.

Since union bank facilitated this from Philippines for sure many asian banks will do the same ,banks now are adopting blockchain to their system and its just a matter of time for all of them to have ATM machines of cryptocurrency.and they will not let this chance go without them taking advantage

i am really impressed with the steps Philippines is taking in the crypto world. Launching cryptocurrency ATM in Philippines is a welcomed idea and will surely make the adoption of bitcoin faster in Philippines. I also believe this will motivate other countries in taking the bold step Philippines has taken. More success to bitcoin growth.

i saw this news and i was very impressed. I have always had this believe that with time countries will gradually adopt and accept bitcoin for usage and this step Philippines is taking is a welcomed step to the bitcoin community. Cryptocurrency ATM in Philippines means the citizens of the country are getting to accept and adopt bitcoin for usage which is definitely a welcomed step.

i will going to believe it if it does already launch and hoping to see btc eth on it so as to get a good market price increase of this crypto to which I am also holding. I am from the Philippines so we will be the first one to try this atm if it will being launched. I just happy to know that banks now offers crypto exchange using atm. This is a good sign that cryptocurrency adaptability is possible.

The Philippines is one of the countries in Southeast Asia that is very open to the advancement of the digital world, including the use of cryptocurrency digital currencies, the government has given room to grow and even allows banks to use ATM cryptocurrency.
This policy cannot be separated from the number of tourists who use crypto money on their journey, so this opportunity is not ignored because it can increase tourist visits to the Philippines which will have an impact on other economic sectors.

starting with ATMs - then they will adopt it more and spread it more and more. nice place to visit next vacation  ;)

The Philippines are indeed doing all the can in the adoption of blockchain technology and use of bitcoin. Launching cryptocurrency ATM in Philippines will indeed spread the use of cryptocurrency in the country. I do hope other countries across the globe will take the bold step Philippines is taking in the adoption of cryptocurrency.

The news sounds very good to the ears but actually the Central bank of the Philippines have a standing memorandum circular about Bitcoin and other Crytocurrencies to be careful and using it and does not endorse use such Virtual Currency and such memorandum circular turns off potential investors or users.

I don't see how it's going be a thing to be worried. It's usual that BSP will issued a memorandum. They already issued some notices to the public about the used of crypto even prior to the so-called "Crypto's Big Year" last 2017. They didn't prohibited using it but instead gave some knowledge to the public about the risks of putting money on crypto.

I read there terms, notices and advices back then and I see it was properly explained without giving negative views to bitcoin like others saying. If those investors you are pointing out are being turn off then they really don't understand what crypto is all about.

They are just giving us a heads-up about virtual currency and I don't see any negative things about it. It is still up to the investors if they are willing to take the risk of putting their hard earn money on bitcoin.

That's why Philippines is slowly getting into the picture as far as crypto sphere, because the government is really supportive of it.

I remember this here "Philippines’ Bangko Sentral Recognizes Bitcoin as Payment System" (https://www.newsbtc.com/2017/02/08/philippines-bangko-sentral-recognizes-bitcoin-payment-system/) and that has happened way back on February 8, 2017. Luckily, that was the great step made by the government here and now it continues growing people who adopted on Bitcoin in the Philippines and I hope other countries too across the whole world. Through blockchain technology on that bitcoin, now it has some Banks here starting to collaborate in Bitcoin and other altcoins on how it works in general.

As a growing technology the ATM will be relevant in due time, because the technology is on the developing phase. The good people of Philippines are lovers of Bitcoin and they choose to embrace the new trend in the digital world. Hope to see more of these positive news from over around the world, even including my own country.

The Philippines is the first country in Asia to accept Cryptocurrency, and in this country, you can travel and use Crypto to pay the costs. I like the Philippines because this is the earliest and fastest growing country in Cryptocurrency.

This is an exciting time for bitcoin, the Philippines, and the developing world, because so many people are unbanked in these countries. As soon as scaling solutions are fully developed for bitcoin, the sky's the limit. No longer will people be so dependent on banks that dismiss them as unworthy.

Just checked the status of Bitcoin in Philippines on Bitlegal, and everything looks good. The Philippines is one of the few countries in the Southeast Asian region, where status is given as "permissive". That said, I don't know why people use Bitcoin ATMs now. The markup is way too high, and it is always better to use online crypto-currency exchanges.

Yup I also think that it is the best for now since the fee in trading sites are much more lower if you would send it to your bank account ,
But the only problem is the time I read that it would take some days before it would reflect to your bank account unlike if you would use our local wallet it only takes 1 working day and I think if we use crypto currency ATM it would be instant.

Well somebody has to initiate right. I hope for it to be a great initial steps for Cryptocurrency banking.

Even if it would not meet the expectations  I'm happy that people are starting to make it work.
Cryptocurrency would really undergo a lot of innovations, no doubt.
  

I can say that based on how I see bitcoin adaptation here in the Philippines, banks will really make their first move to get clients open their account from them because of crypto. There are really a lot of us who use bitcoin here in the Philippines that is ehy it is being adapted.

That's very good news, the development of bitcoin is increasingly supported by the existence of bitcoin ATMs. Hopefully there will be many more countries that adopt bitcoin as a currency.

I must commend the endless effort of the Philippines in trying to promote bitcoin usage and make sure it is adopted for use in the country. This is good and i believe it will give bitcoin users across the country access to bitcoin with ease. soon enough this will also spread across neighbouring countries as time goes on.

It's actually great that they are starting to create crypto ATM in Philippines. But, I think this will not be fully utilized since only few know about bitcoin and few are using it in Philippines. However, this is still a good news since there will be another alternative for Filipinos to cash-out their money aside using remittance services.

People will then be able to convert fiat to cryptocurrency and vice versa lot easier using UnionBank's crypto ATM.

Check this article: https://www.unblock.news/technology/unionbank-crypto-atm-launch-march-8

It's such a good news knowing that one of the largest banks in the Philippines is launching a cryptocurrency ATM. It aims to regulate for the use of financial services and payments. It creates a sense of progress and growth in the field of crypto that its demand is increasing day by day. It also open doors for new investors to join the market and for other countries to adopt cryptocurrency and realize its real value and functionalities.

if a bank itself encourages to launch a cryptocurrency then we may expect other countries to follow similar kind of adoption of cryptocurrency atms

The recent moves of a well-known bank to establish a bitcoin atm in the philippines is really a step in the right direction because it will further raise the awareness of the filipinos on bitcoin and cryptocurrencies. This will also speed up the adoption of bitcoin in the Philippines becahse it was spearheaded by the bank. Many bitcoin exchanges and some blockchain related companies have been established in this southeast asian nation so it is possible that someday it will also become one of the leading blockchain hub in asia.

Yes Philippines has just on its right tract to start adopting bitcoin through its atm machine which is spearheaded by one of the biggest bank in the country. This will definitely promote awareness to all Filipinos that bitcoin can be of great relevance in their lives not just as a payment system but even as a good investment that will generate good profits.

Awesome news and this will do wonders for the industry. Even if Bitcoin does not survive forever, the adoption and tech of Cryptocurrency is only getting bigger.

Philippines is an asian country that  is highly influenced by Japan and Korea so that must be the reason that they are so positive and wants to adopt and embrace the cryptocurrency. The crypto atm launch is going to be the start of their journey to become a very rich economy just like the 2 country I mentioned and with the help of btc and its innovation in the future.

The Philippines continues to be pleasantly surprised by its progressiveness and interest in Bitcoin and cryptocurrencies in general. Cryptocurrency infrastructure in this country has grown strongly lately and is developing much faster than even in European countries.

Atlast. An ATM with the real function of cryptocurrency. I am really tired of withdrawing cash from Security bank which is always having a system error and always ending up calling their customer service after. Its so hassle because instead of immediate cash, you will get it after 2 to 3 days. Hope they will install something near me.

I think coins.ph will discontinue supporting Security Bank. I don't know that reasons, but I haven't tried that options for a long time now because of the issues you have describes. Anyways, since I posted this thread, someone already visited the physical site with actual pictures, will link it here once I found it.

That is righr one of the good country who adapting bitcoin is the Philippines because we have own wallet where we can buy bitcoin and sell and now another bitcoin ATM MACHINE that you can sell /buy bitcoin and it is supported by the bank and not only a bank it is one of the famous banks in the Philippines for sure next few years more Bitcoin ATM machine will be launch in the Philippines.

Well, I am trying to reach out the bank since I am also from.the Philippines but for now there is no assurance that cryptocurrency will be adapted. One of the branches of the bank did not even know about the plan. So, this might be a fake news and here in the Philippines fake news is more rampant than the real one.

Philippines already holds a big userbase over the Asian countries, now a banking firm supporting with the launch of an ATM will help with the growth of bitcoin further. These new ATMs used to serve as a promotion medium, because more the growth more will be the ease in the access. Here with more and more ATM we can confirm the growth is happening. Following the same can expect more banking firms to start launching their own bitcoin ATMs.

Good news, especially to the people who are investing in bitcoin, it shows only that Philippines are really appreciate cryptocurrency. Maybe later there are some countries are convincing to launching cryptocurrency Atm also, because of what the Philippines did. It also increase the number of people who investing in cryptocurrency.

It is one of the crypto friendly country in Asia. Although PH is a small country, its stand with cryptocurrency and on how it reacts with adoption is very encouraging.

There's a report last year that monthly transactions were increasing up to $40M.