UnionBank Sets Up Bitcoin ATM in Manilaby Fintechnews Philippines February 13, 2019
Bitcoin machines are on the rise worldwide. Currently, these devices are in 76 countries and now the Philippines have been added to the list.
In the capital Manila, the first Bitcoin ATM was set up. A look at who is behind this decision shows the growing acceptance of Bitcoin & Co. The Philippines Central Bank Bangko Sentral ng Pilipinas (BSP) and the UnionBank are responsible for setting up the machine.
UnionBank justifies its commitment that it must adapt to the “changing needs and tastes of its customers”. Therefore, users of cryptocurrencies should be able to convert their digital currencies to the Philippine national currency Peso and vice versa.
— Mike Abundo (@MikeAbundo) 12. Februar 2019
The Bitcoin ATM in Manila leaves nothing to be desired. While at many other cash machines only deposits can be made, the Bitcoin ATM in the Philippine capital offers the options “deposit” and “withdraw”. And users can choose between multiple cryptocurrencies. Bitcoin, Ethereum, Litecoin, Monero and many more are among the digital currencies provided by the machine. That fact that the UnionBank has set up the first Bitcoin ATM in the southeast Asian island state is no coincidence.
As of November 2017, the institute claims to have a branch office in which all processes are digitised. UnionBank wants to expand this commitment further and wants to set up more digital branches. In addition, the mobile App should be improved.
In this way, digital currencies are enjoying growing popularity in the Philippines and the central bank has recognised this trend. For example, the BSP has ensured with the help of regulations that the exchange of cryptocurrencies can be done securely.
“The Bitcoin ATM” is located in the bank’s main branch, UnionBank Plaza, Meralco Ave. cor. Onyx St., Ortigas Center, Pasig City.
Featured image credit: UnionBank Philippines