[2019-02-10] Report: Philippines-Based Banking Giant Launching Two-Way Crypto...

[bL4nkcode]

Report: Philippines-Based Banking Giant Launching Two-Way Crypto ATMs

When you think of nations with a notable Bitcoin ecosystem, many crypto investors would immediately think of the U.S., Malta, Singapore, Japan, and South Korea. Yet, many draw little attention to the Philippines, a nation that is seemingly filled to the brim with cryptocurrency users.

A large financial institution based in the Philippines made a notable pro-crypto move last week — one that could potentially spark widespread adoption within the Asian nation.

Meet Union Bank’s Crypto ATMs
According to reports from Filipino media, Union Bank of the Philippines, a banking giant that is the seventh largest in the country, is launching crypto asset automated teller machines (ATM). The Philippine Star, who broke the news on the matter, cited a Union Bank press statement.


Read more: https://www.newsbtc.com/2019/02/10/report-philippines-based-banking-giant-launching-two-way-crypto-atms/

[btyco]

It starts in smaller economies first but then everyone else will follow. Philipenes is tough on drugs so it means their bitcoin trades are for legit purposes and not for dealers

[Betwrong]

When you think of nations with a notable Bitcoin ecosystem, many crypto investors would immediately think of the U.S., Malta, Singapore, Japan, and South Korea.

They forgot to mention Switzerland in this regard, and maybe some other countries, like Slovenia, Georgia, and of course Hong Kong, which technically not a country but rather a special administrative region with legislation that differs from that of China.

Regarding the ATMs, it's a good news overall, but, as always, the question is, will the rates be acceptable for customers?

[1Referee]

Regarding the ATMs, it's a good news overall, but, as always, the question is, will the rates be acceptable for customers?

Doubt it.

It's so easy to verify yourself locally and buy Bitcoin at very competitive rates (usually a 1%ish premium over spot) that the demand for these ATM's is probably on the lower side.

ATM's are very niche and the potential exposure is pretty low with how one really needs to have these ATM's be the only way to enter Bitcoin. In Europe this form of demand is negligible, but who knows, perhaps in the Philipines the situation is different and they do need these ATM's.

In the end, I'm happy with these ATM's because it means another fiat entry point. Perhaps that with more competition and volumes the fees significantly decrease, but still, don't see them go under 3% with how there are taxes you have to pay, and you're in to make profit too.

[rodel caling]

This the fact that crypto all over the world start moving their powers as currency countries and banking industries is now not understand bitcoin is not a threat for the fiat bank operation with the helping of each other fiat and crypto combination i think is more opportunities to the people to get easier life and help for economic growth.

[milewilda]

What a good news for Crypto users here on Philippines which theres already a Bank that do recognize to adopt crypto and now it do have ATM. I might try to check out on my place if there
are ATM's or it might take some time for it to be distributed nationwide but still a good news.I hope the other Banks would consider such stuff too in regards with crypto specially with BDO,
BPI,Metrobank which are on the top list.

[orions.belt19]

The Philippines has been active with crypto lately since the country's Economic Zone Authority (Cagayan) has been releasing new regulations. Local crypto exchanges are being recognized and virtual currencies have been considered as legitimate payment methods. The newly launched ATM may be a great development but I hope they don't impose a large fee, otherwise not many would opt to use it.

It starts in smaller economies first but then everyone else will follow. Philipenes is tough on drugs so it means their bitcoin trades are for legit purposes and not for dealers

It's actually surprising for it to start in a small economy. The drug situation in the Philippines is quite complicated, but I can say that there are many traders in Philippines. There are at least twelve exchanges being actively used in the Philippines.

[bL4nkcode]

Regarding the ATMs, it's a good news overall, but, as always, the question is, will the rates be acceptable for customers?

That's the main issue in every organization/company that offers ATM or exchange services anywhere in the world. But still hoping that they will not topped a higher fee.

Though the publicity about this in my country will cause great awareness of the technology besides the bad image of bitcoin through scam ponzi/cloud minings here.