Bitcoin ATM, also in the Philippines cryptocurrency is bought at ATMs

Bitcoin ATMs, cryptocurrencies are also being bought in ATMs in the Philippines. Here is the announcement of one of the main banks in the country.

As in many other parts of the world, the possibility of buy Bitcoin at the ATM. In fact, one of the largest banks in the country has announced its intention to launch an ATM for cryptocurrencies, in accordance with the specifications of Bangko Sentral ng Pilipinas.

In detail, the Union Bank of the Philippines (Unionbank), one of the largest credit institutions in the country, with more than 300 branches, is launching a cryptocurrency ATM, the first ATM in the country for this type of operation, to comply the rules established by the central bank Bangko Sentral ng Pilipinas (BSP). The bank itself said it has partnered with the central body to provide Filipinos with innovative solutions for purchasing digital currencies.

In a statement Unionbank He said that "in continuous research to meet the changing needs and tastes of customers, including those who use virtual currency, ATM will provide these users with an alternative channel to convert their pesos into virtual currency and vice versa". However, they were not mentioned in the announcement cryptocurrency specifications, although it is very likely that they will end up covering at least i Bitcoin.

Central Bank of the Philippines, the country's central bank added that "following the warning opinion issued by the BSP in March 2014, a formal regulatory approach was adopted through the issue of circular no. 944 of February 6, 2017 ". This circular establishes "guidelines for virtual currency exchanges (VC) that offer services or activities that facilitate the conversion or exchange of fiat currency in VC or vice versa in the country," wrote the BSP.

According to the circular, exchanges must now obtain a registration certificate to operate as a remittance and fund transfer company. In addition, “payments of great value, greater than P500.000, or the equivalent in foreign currency, in any single transaction with customers or counterparties, can only be made by check payment or direct credit to deposit accounts”.

It is also envisaged that the exchanges must "maintain an internal control system commensurate with the nature, size and complexity of the respective companies" and respect the minimum control standard issued by the bank. As of November last year, the central bank has granted temporary licenses to seven exchanges and is evaluating over 40 applications.