One of the Philippines largest banks, Union Bank, is set to launch the first two-way crypto ATMs in the country.

Union Bank Crypto ATMs

Customers will be able to buy and sell cryptocurrencies for cash through the ATM. The idea is to provide an easy and accessible means for crypto to fiat conversion and vice versa. The move may help to spur on adoption for the digital asset.

Union Bank said the following on the crypto ATMs:

“In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa.”

The bank has yet to detail which currencies will be supported by the machines. However, it’s safe to predict that Bitcoin (available on Coinbase) will be one.

Philippines and Regulation

The initiative for the crypto ATMs is a result of a collaboration between Union Bank and the Philippines central bank, Bangko Sentral ng PilipiNAS (BSP).

Since 2017, the BSP has taken a proactive stance towards regulating the cryptocurrency industry. It has been officially regulating local crypto exchanges as remittance companies and further, recognizing digital coins as legitimate payment mETHods.

The Philippines was among the first countries to regulate cryptocurrencies as a recognized asset class and as a remittance mETHod.