I was amazed by the news that Union Bank Of The Philippines, one of the top banks in the country will now launch their own Cryptocurrency ATM. This was originally shared by Bitcoin.com but aparently I am sure that the Crypto ATM launching will take effect the soonest since it has already been reported by the bank itself that they are now developing their own Stablecoin in which we all know that it is a cryptocurrency also after all.
Globally, the adoption of Ripple (XRP) was first started by Citibank, International and then followed by JPMorgan Chase (JPM Coin) in which they develpoed their own coin. This is the first US-Major Bank to use cryptocurrency.
It seems that paper-money is now starting to get replaced by digital assets wherein anyone could just pay someone and do funds transfers using cryptocurrencies at this point. As for Union Bank's Stablecoin, a crypto backed up by a bank sounds really stable right?
Let this be known to the public that this Two-Way Cryptocurrency ATM (two way means that you can encash your funds as fiat or exchange other crypto assets such as Bitcoin into other altcoins then vice versa) is under compliance with the strict regulations of Bank Sentral ng Pilipinas (Central Bank of the Philippines) used as a form of delivering financial services particularly for payments and remittances.
This is the first crypto ATM in the country. The bank states that it has been collaborating with Bangko Sentral ng Pilipinas to provide innovative solutions for Filipinos which are fast, reliable and secure.
There are still no specific coins that were stated during this exciting announcement but we are all hoping the top 5 cryptocurrencies will start rolling in circulation.
Following the warning advisory issued by the BSP last March 2014, Regulating the use of Cryptorrency in the Philippines through the issuance of Circular No. 944 dated February 6, 2017.
This circular establishes “guidelines for virtual currency (VC) exchanges” offering “services or engaging in activities that provide facility for the conversion or exchange of fiat currency to VC or vice versa” in the country.
Banko Sentral ng Pilipinas (BSP)
For other banks who wished to do the same also and establish this new technology, they must obtain a certificate of registration to operate as a remittance and transfer company. For large value pay-outs of more than 500,000 Php ($10,000) in any single transaction with customers or counterparts, shall only be made via check payment or direct credit to deposit accounts. Therefore a Union Bank account should also be established by the individual(s) or the corporation.
This blasts the excitement of the idea that cryptocurrencies are now being proliferated here in the Philippines.
My fellow bankers, will you still get yourselves behind? Let's start knowing more about cryptocurrencies and the blockchain.
Thank you for dropping by and reading my post. @fycee here. Follow me for more interesting innovation about crypto, digital assets and its breakthrough.
Check my previous blog about The Fear of Missing Out (FOMO).