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Author Topic: Union Bank of the Philippines Launching Cryptocurrency ATM  (Read 949 times)
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February 10, 2019, 11:27:00 PM
 #21

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.

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February 10, 2019, 11:33:05 PM
 #22

I wonder is it available to everybody for use or only registered account holders?
I think it's available for everyone as per this statement

Quote
In a separate statement, UnionBank said the ATM will provide their clients with an alternative channel to convert peso into virtual currency and vice versa.
Link source --> https://www.bworldonline.com/unionbank-to-roll-out-first-virtual-currency-atm/

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February 10, 2019, 11:37:44 PM
 #23

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.

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February 11, 2019, 01:00:36 AM
 #24

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
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February 12, 2019, 01:57:18 AM
 #25

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.

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.

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February 12, 2019, 02:10:15 AM
 #26

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?
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February 12, 2019, 02:15:25 AM
 #27

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.
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February 12, 2019, 02:42:43 AM
 #28

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.

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February 12, 2019, 02:46:56 AM
 #29

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.
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February 12, 2019, 02:49:32 AM
Last edit: February 12, 2019, 03:01:08 AM by antonleviathan
 #30

I'm glad they chose to go with Lamassu (https://lamassu.is) for their ATMs. Josh (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! Smiley
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February 12, 2019, 03:10:16 AM
 #31

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

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.

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February 12, 2019, 03:48:30 AM
 #32

Union Bank of the Philippines Launching Cryptocurrency ATM

Quote
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.


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.
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February 12, 2019, 03:52:18 AM
 #33

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.
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February 12, 2019, 07:43:32 AM
 #34

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.

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.

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February 12, 2019, 10:43:10 AM
 #35

Union Bank of the Philippines Launching Cryptocurrency ATM

Quote
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.

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
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February 12, 2019, 10:51:30 AM
 #36

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

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.

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

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/

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February 12, 2019, 11:01:21 AM
 #37

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.
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February 12, 2019, 11:23:56 AM
 #38

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.
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.



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February 12, 2019, 11:45:22 AM
 #39

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

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.


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.
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February 12, 2019, 12:01:03 PM
 #40

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?
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.

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