Union Bank of the Philippines Launching Cryptocurrency ATM - page 8.

piebeyb

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Quote from: Baofeng on February 09, 2019, 10:40:44 PM

Union Bank of the Philippines Launching Cryptocurrency ATM

Quote

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

https://news.bitcoin.com/union-bank-philippines-cryptocurrency-atm/

Another compelling moved that the Philippines is really working hard and getting closer to adopt bitcoin as one of the biggest bank in the country is launching a crypto ATM. Union Bank seems to be spearheading this, and as far as I can remember this bank is one of the first if not the first to integrate Paypal as well in the country. So let's see how it goes.

Philippines has a good development in Asia, it's just that I'm also in Asia but the government in my country doesn't release anything about crypto currencies, maybe there are only a few cities that have ATM machines like that not much, but maybe next year, the news is cool if many begin to adopt bitcoin and expand

aoluain

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Quote from: dothebeats on February 10, 2019, 01:21:43 AM

Quote from: nutildah on February 10, 2019, 12:29:50 AM

I think this is mainly for promotion of their bank -- they are probably trying to appeal to the younger generations and give themselves a reason to stand out among other banks. More power to them. I won't click on the link because I boycott bitcoin.com but I wonder is it available to everybody for use or only registered account holders? I also praise the government of the Philippines for maintaining a rather "hands off" approach when it comes to crypto regulations.

True, though I know that a lot of Filipino miners and traders utilize Unionbank's services for their needs, alongside BDO and BPI (which are the biggest banks here.) The Philippines is a country ripe for the picking for cryptocurrency investments and startups, as the country is somewhat friendly towards such ventures knowing that it could potentially drive profit and boost employment should someone decide to open up a firm here. Anyway, I don't think bitcoin ATMs are that relevant for the Filipino community, but it's a good way of telling and reminding people that at the least, the scene is somewhat ramping up its game.

I agree, it is positive and progressive thinking. Fintech investment and
development is on the rise.

This is a good move by UnionBank to introduce a Bitcoin ATM, It does
definitely promote both Bitcoin and themselves. They seem to be progressive.

nydiacaskey01

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Interesting article and press release by Unionbank. They (Unionbank) know that they are not the first one who launched a Bitcoin ATM in the Philippines. First Bitcoin ATM in the Philippines is located at Sunette towers near P.Burgos street, that's why in their press release they clarified that their ATM is compliant with the rules set by Bangko Sentral ng Pilipinas. I hope they set up that ATM in Quezon City not in Makati since there's one there already.

Unblock_news

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Quote from: Baofeng on February 09, 2019, 10:40:44 PM

Union Bank of the Philippines Launching Cryptocurrency ATM

Quote

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

https://news.bitcoin.com/union-bank-philippines-cryptocurrency-atm/

Another compelling moved that the Philippines is really working hard and getting closer to adopt bitcoin as one of the biggest bank in the country is launching a crypto ATM. Union Bank seems to be spearheading this, and as far as I can remember this bank is one of the first if not the first to integrate Paypal as well in the country. So let's see how it goes.

Another great news about cryptocurrency here in the Philippines. Soon, cryptocurrency will adopt by the mass because of this kind of institution who's showing to people that cryptocurrency has a great potential in the future.

pooya87

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Quote from: Indrawan77 on February 10, 2019, 08:00:36 PM

This is a great news, its mean the mass adoption is getting closer, and this could make the other countries to follow the footstep, putting ATM usually is a small step, but this atm is put by the big bank institutions, in other words this country is ready to try crypto for adoption, so its another great progress for Bitcoin

bitcoin has been being adopted in Philippines for quite some time now, so this is not the first step at all. but also it is nowhere near mass adoption either. we are on that path though. besides this is a bank setting up some ATMs, most probably to make more money from the customers, although that is still good news but i never get excited for anything less than merchant adoptions.

antonleviathan

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I'm glad they chose to go with Lamassu (https://lamassu.is) for their ATMs. Josh (https://twitter.com/joshmh) is one of the nicest humans I've met! He also happens to be very knowledgeable and technical and is a true "OG" in the crypto world. I foresee big things for this company!

mapanlah

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the very right step to see business progress between countries that is very fast must be followed by the ease of the payment system, by opening a bitcoin ATM the Philippine government makes a very appropriate step, maybe countries in the region will follow, if this happens there will be a very nice.

gabbie2010

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Union bank of Philippines launching cryptos ATM started on a right foot, this is a massive boast to the teeming crytos enthusiasts in that country, this singular act by the bank is brewing in more confidence into the crypto world as more banks will follow suit thus providing an alternative means of transactions to their customers using ATM, in fact more recognition will be adequately be given to cryptos in that country.

ecnalubma

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A big move by Union Bank indeed, they really saw potential of the blockchain technology (crypto). They are the first in the Philippines to implement this and no doubt soon more major banks will adopt the same. I hope that Philippines will transform into a blockchain capital in the near future just like Switzerland.

Svelto

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It is nice to hear, Philippines seems to be a country which is readily accepting crypto. I am curious about the 2 ways Bitcoin ATM, does it means that the user can buy or sell Bitcoin using the ATM?

SistaFista

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Quote from: mk4 on February 09, 2019, 10:59:54 PM

I usually think that new bitcoin ATMs aren't that relevant(though any publicity is good publicity I guess), but knowing that a bank itself is releasing a bitcoin ATM? That's quite a big deal in my opinion.

I think by using bitcoin ATM machine, it will create some public awareness about bitcoin.
Not only bitcoin but for cryptocurrencies, because the machine is placed in public.
Everyone who passing nearby, will have possibility to see the ATM and ask about it if they curious.

Indrawan77

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This is a great news, its mean the mass adoption is getting closer, and this could make the other countries to follow the footstep, putting ATM usually is a small step, but this atm is put by the big bank institutions, in other words this country is ready to try crypto for adoption, so its another great progress for Bitcoin

Oceat

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I've read some news about it that their supermarket was having an ATM already, so what is it all about? Is it the bank who released it for further use in the supermarket? Most countries had their own ATM's already though it is beneficial to other crypto users if they could easily reach any available ATM to pay their bills.

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Quote from: nutildah on February 10, 2019, 12:29:50 AM

I wonder is it available to everybody for use or only registered account holders?

I think it's available for everyone as per this statement

Quote

In a separate statement, UnionBank said the ATM will provide their clients with an alternative channel to convert peso into virtual currency and vice versa.

Link source --> https://www.bworldonline.com/unionbank-to-roll-out-first-virtual-currency-atm/

tippytoes

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Quote from: jerrison on February 10, 2019, 06:01:28 PM

the launching of ATM is another way to foster the massive adoption of the bitcoin in various part of the world. that people walk into ATM gallery and make good withdrawal via the ATM machine is a step ahead of other methods of propagating massive adoption of the blockchain technology.

Considering that Philippines is a third world country, it means that bitcoin adoption has really gone a long way already. Though, usage of cryptocurrencies has been there for quite a while already, I did not expect that they will set-up their own bitcoin atm soon. Anyway, South East Asian nations has growing number of crypto enthusiasts, so there's no doubt they will come up to this.

Kahoy01

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Quote from: Baofeng on February 09, 2019, 10:40:44 PM

Union Bank of the Philippines Launching Cryptocurrency ATM

Quote

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

https://news.bitcoin.com/union-bank-philippines-cryptocurrency-atm/

Another compelling moved that the Philippines is really working hard and getting closer to adopt bitcoin as one of the biggest bank in the country is launching a crypto ATM. Union Bank seems to be spearheading this, and as far as I can remember this bank is one of the first if not the first to integrate Paypal as well in the country. So let's see how it goes.

This is a proof that the adoption is now occuring, the union bank is one of the most popular banks in the Philippines and for sure it has a big impact to the cryptocurrency community because they will launch a bitcoin atm.

jerrison

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the launching of ATM is another way to foster the massive adoption of the bitcoin in various part of the world. that people walk into ATM gallery and make good withdrawal via the ATM machine is a step ahead of other methods of propagating massive adoption of the blockchain technology.

jho0810

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Quote from: Baofeng on February 09, 2019, 10:40:44 PM

Union Bank of the Philippines Launching Cryptocurrency ATM

Quote

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

https://news.bitcoin.com/union-bank-philippines-cryptocurrency-atm/

Another compelling moved that the Philippines is really working hard and getting closer to adopt bitcoin as one of the biggest bank in the country is launching a crypto ATM. Union Bank seems to be spearheading this, and as far as I can remember this bank is one of the first if not the first to integrate Paypal as well in the country. So let's see how it goes.

It's a great news and it's a good job from union Bank to do that and I think many people will be attract about bitcoin or crypto. It's a good step to the Philippines that they work hard to make the Cryptocurrency will be adopt to the country. And I think it will be big help to economy.

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Quote from: mk4 on February 10, 2019, 09:58:28 AM

Quote from: Lalafell on February 10, 2019, 09:53:30 AM

If this kind of ATM will be fully launch in our country we can easily convert our cryptocurrency into fiat.

I doubt it. The Philippines already has ye ol reliable and very famous Coins.ph; which is easy enough to convert Philippine peso to bitcoin back and forth with. Why would people use an ATM with higher fees? I only see this news as good due to increased publicity, and it shows that these kinds of businesses are green flags to the government.

This is a publicity stunt but i am not sure about the fees they are implementing, usually bitcoin ATM have a higher transaction charges around the globe yet if it will benefit the public or the tourist and people are making use of the development, it is a good thing for bitcoin and the users in Philippines. It would be great if the merchants starts accepting bitcoin and thereby a mass adoption can make a huge difference in this sector as it will benefit all the travelers to that country as they do not have to convert into Peso rather pay directly with bitcoin.

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Quote from: Lalafell on February 10, 2019, 09:53:30 AM

If this kind of ATM will be fully launch in our country we can easily convert our cryptocurrency into fiat.

I doubt it. The Philippines already has ye ol reliable and very famous Coins.ph; which is easy enough to convert Philippine peso to bitcoin back and forth with. Why would people use an ATM with higher fees? I only see this news as good due to increased publicity, and it shows that these kinds of businesses are green flags to the government.

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