Union Bank of the Philippines Launching Cryptocurrency ATM

[Baofeng]

Union Bank of the Philippines Launching Cryptocurrency ATM

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

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.

[mk4]

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.

[AAKODI]

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

[denzkilim]

Union Bank of the Philippines Launching Cryptocurrency ATM

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

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.

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. 

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 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.

[jhongzjhong]

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. 

..

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.

[Jating]

I think this is mainly for promotion of their bank -- they are probably trying to appeal to the younger generations and give themselves a reason to stand out among other banks. More power to them. I won't click on the link because I boycott bitcoin.com but I wonder is it available to everybody for use or only registered account holders? I also praise the government of the Philippines for maintaining a rather "hands off" approach when it comes to crypto regulations.

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.

[dothebeats]

I think this is mainly for promotion of their bank -- they are probably trying to appeal to the younger generations and give themselves a reason to stand out among other banks. More power to them. I won't click on the link because I boycott bitcoin.com but I wonder is it available to everybody for use or only registered account holders? I also praise the government of the Philippines for maintaining a rather "hands off" approach when it comes to crypto regulations.

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.

[pragna]

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.

[Siren]

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

[bitfocus]

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

[Savemore]

Union Bank of the Philippines Launching Cryptocurrency ATM

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

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.

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.

[peter0425]

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.

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.

[plvbob0070]

Union Bank of the Philippines Launching Cryptocurrency ATM

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

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.

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

[Lalafell]

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.

[mk4]

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.

[eaLiTy]

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.

[jho0810]

Union Bank of the Philippines Launching Cryptocurrency ATM

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

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.

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.

[jerrison]

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.

[Kahoy01]

Union Bank of the Philippines Launching Cryptocurrency ATM

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

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.

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.

[tippytoes]

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.

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.