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Buzz A Major Philippines Bank Kick Start A Catalyst For Massive Crypo Adoption

Discussion in 'Cryptocurrency News (HAPPENING!)' started by philipj, Feb 11, 2019.

  1. philipj

    philipj GrandMaster Crypto Guardian

    Union Bank a major bank in Philippines is launching the country’s first two-way cryptocurrency ATM. The move will let customers buy and sell cryptocurrencies for cash via the ATM.

    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.”

    The BSP has been officially regulating local Philippine crypto exchanges as remittance companies and recognizing virtual currencies as a legitimate payment method since it published Circular 944 in February 2017.

    This is just part of the fundamentals that are brewing to drive crypto adoption
     
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