Union Bank, one of the largest banks in the Philippines, has launched the country’s first two-way cryptocurrency ATM. According to a February 6 report from local media outlet Philstar, the ATM will allow customers to purchase and sell virtual currencies for cash. The bank, however, did not specify which cryptocurrencies will be supported.
The ATM is part of the bank’s “sandbox” — a framework for conducting experiments in a controlled environment, representatives for the Union Bank said. The system, which is a result of a collaboration between Union Bank and the country’s central bank, Bangko Sentral ng Pilipinas (BSP), will comply will all current regulations.
The BSP established a formal regulatory framework for virtual currency exchanges back in 2017 and has been regulating the industry ever since. Cryptocurrency exchanges are registered as remittance companies, while the country recognizes virtual coins as a legitimate payment method.