The Philippine Union Bank has set out the regulation saying that cryptocurrencies can, “used to provide financial services, especially for payment and remittances”.
The bank that will presumably be the sole provider is Union Bank one of the country’s largest banks, with more than 300 branches. The Philippine Star reported on Wednesday that the machine will be the country’s first cryptocurrency ATM machine in line with the Central Bank (BSP) regulations, which is part of the Philippine government’s regulatory sandbox.
In a statement, Union Bank said:
“Banks are always looking to satisfy customers’ changing needs and tastes, including customers using virtual currency. ATM will provide these customers with another channel to convert their pesos into virtual currency, or The virtual currency is converted to a peso.”No specific tokens are mentioned in the announcement
The Philippine Central Bank was quick to clarify that, “According to the warning notice issued by the BSP in March 2014 and the 944th notice issued on February 6, 2017, the virtual currency will be formally supervised.”
Previously the BSP had said it “does not intend to support” any cryptocurrency, including Bitcoin, and clarified that the organization intends to regulate the cryptocurrency “used to provide financial services, especially for payment and remittances.”
Not only that but those involved in exchanges and transfers must, “maintain an internal control system commensurate with the nature, scale and complexity of their respective businesses” and adhere to the minimum control standards issued by the BSP.
Currently, the Central Bank has approved seven exchangers, and with this recent piece if news it may become more as Phillipines looks to join the crypto world!
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