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Major Philippines Bank Union Bank Launches Two-Way Crypto ATM: Report


Philippine bank Union Bank is reportedly launching the country’s first two-way cryptocurrency ATM.

Major Philippines bank Union Bank is launching the country’s first two-way cryptocurrency ATM, local media outlet Philstar reported Feb. 6.

The move will reportedly let customers buy and sell cryptocurrencies for cash via the ATM as part of the bank’s “sandbox” — a framework for conducting experiments in a controlled environment.

The report did not specify which digital currencies will be supported in the experiment.

According to Philstar, the system complies with current regulations and is the result of a collaboration between Union Bank and the country’s central bank, Bangko Sentral ng Pilipinas (BSP). The article cites a statement released by the bank claiming that the ATM will provide “an alternative channel to convert their pesos to virtual currency and vice versa.”

Philstar reports that Union Bank…



Read Full Story : Cointelegraph.com News

2019-02-11 13:08:00

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