One of the largest banks in the Philippines, the Union Bank is officially launching the first two-way crypto ATM in the country according to the crypto news from local media outlet Philstar reported a few days ago.
Launching the ATM will allow all customers to buy and sell cryptocurrencies for cash as a part of the previously explained ‘’sandbox’’ which is a framework for experiment conducting in a controlled environment. The report doesn’t say anything about which digital currencies will be available on the ATM.
However, the system seems to be in compliance with the current regulations and it comes as a result of the collaboration between the country’s Central Bank Bangko Sentral Ng Pilipinas (BSP) and the Union Bank. The article notes a statement released by the bank saying that the ATM will provide the users with an alternative way to convert their cash money to virtual currency and the other way around.
Phistar also notes that the Union Bank reported about $140 million in Philippine pesos in earnings for 2018. The bank is among the top ten biggest banks in the country according to the value of assets. The BSP is regulating for quite some time some of the local Philippine crypto exchanges and is recognizing cryptocurrencies as a real payment method since the Circular 944 published document in February 2017.
Currently, there are some interesting regulatory happenings in the country as the Cagayan Economic Zone Authority designed to regulate the crypto industry in order for all investors to be protected.
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“Rug pull senses tingling. I managed to make it here up in $BTC, up in $USD. Going to keep it that way – tethering ~75% of my $crypto holdings. Playing with the rest. Maybe I get left behind, but I don’t think so.”Despite Bitcoin's increased dominance which now sits at its all-time high of 54.2%, the technical perspectives show that the great altcoin boom on the market is likely to produce a boost - and that the future altcoin news may show us a lot of new capital and confidence from investors. However, this altcoin boom is only possible if Bitcoin sees a strong upside movement and stabilizes above the crucial resistance levels. Currently, the daily spot volume of BTC is at around $580 billion which is still a big up since the first week of March - and a good sign that the great altcoin boom may be around the corner.
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