Union Bank launches first cryptocurrency two-way ATM in the Philippines

The Union Bank, the largest private bank in the Philippines, will launch the first two-way crypto currency ATM, according to a local Philstar report.

This initiative will allow its customers to buy and sell cryptocurrencies in exchange for cash using the ATM, as part of the bank's new sandbox.

The report, however, does not clarify which cryptocurrencies will be available at the ATM, or if a wider range of them will be included in the future.

For those not familiar with the term, a sandbox is a controlled framework in which companies and institutions conduct experiments.

According to Philstar, the system with which they will experience complies with all the regulations in force in the Philippines, as well as being a collaboration between Union Bank and the Central Bank of the country, the Bangko Sentral ng Pilipinas (BSP).

The article cites an official announcement published by the bank, which ensures that the ATM will provide "an alternative and simple channel to convert your Philippine pesos into virtual currency and vice versa."

Likewise, the local media reports that the Union Bank reported 7.32 billion pesos (about 140 million dollars) in profits this year, which leads it to the top 10 of the country's largest banks in terms of assets.

Philippines prepares regulatory framework for cryptocurrencies
Also remember that the BSP had been officially regulating cryptocurrency exchange houses as profit companies and recognizing virtual currencies as legitimate methods of payment since February 2017.

On the other hand, the Cagayan Economic Zone Authority recently published new regulations, supposedly designed to regulate the cryptocurrency industry and protect investors, taking into consideration issues such as the acquisition of cryptocurrencies and utility or security tokens.