Crypto automated teller machines (ATMs) are growing in popularity, allowing holders of cryptocurrency to exchange their money for crypto tokens. One of the most recent launches is being planned for the UnionBank of Philippines, which plans to launch an ATM that provides a means to trade digital assets for Philippine Pesos.
The launch is a collaboration between the UnionBank of Philippines and Coins.ph, an e-wallet that is backed by xRapid. Chairman of UnionBank, Justo A. Ortiz, spoke recently on the deployment of these machines, stating,“We’re going to put up a Bitcoin ATM in our Ayala Ave. ARK [branch]. The machine is here already.”
Cross-border payments with Coins.ph provides a solution to cost, scalability, and even transfer time, as a result of the support from xRapid by Ripple.
Along with the use of Ripple’s XRP token, the other digital assets compatible with Coins.ph include Bitcoin, Bitcoin Cash, and Ethereum, though there could be more to come. Presently, the tech firm is the go-to place for cryptocurrency trading within the Philippines.
Coins.ph has about 5 million users right now, and they have been working for mass adoption that would essentially lead to banking services for the most remote of areas. The use of xRapid as its blockchain tech simply increases the benefits and speed.
The CEO and founder of Coins.ph, Ron Hose, had discussed the support from Ripple in an interview in August 2018. At that time, he said,“We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers.”
The launch of their new platform came just after the Cagayan Economic Authority Zone had established their own regulations for using cryptocurrency in the area. The goal of the regulations is to improve the innovation made in the country towards expanding the cryptocurrency sector and increasing mainstream adoption of this technology. However, the rules also protect the interest of investors.
Considering that there are over 70% of adults in the country that have not been able to establish bank accounts, the support of cryptocurrency is life-changing.
With no bank account needed to participate in cryptocurrency, these unbanked citizens are no longer pushed to the side of the economy and left to their own efforts instead.
Top gainers: Altcoins rally and record significant gains, a day after Libra-induced correction wave
The collective crypto-market suffered a major setback after yet another hearing on Facebook’s Libra pulled down the prices of most major cryptocurrencies. However, the market soon recovered, with the collective market cap rising to $268.8 billion, with Bitcoin enjoying a dominance of 65.4%.
Major altcoins posted significant gains over the past day following the pullback.
After sustaining acute losses throughout the week, falling below key support levels and touching the $84-mark, Litecoin [LTC] rose by 15.08% over the last 24 hours. At press time, the silver to Bitcoin’s gold held a market cap of $5.74 billion and was priced at $91.57, at press time. It had a 24-hour trading volume of over $4.8 billion.
Bitcoin SV [BSV]
The ninth-largest cryptocurrency in the world, BSV also rebounded by 14.21% over the past 24 hours and held a market cap of $2.33 billion, at press time. BSV was priced at $130.50 and enjoyed a 24-hour trading volume of $453.6 million, at press time.
After staying in the red territory for a long time, the eleventh largest cryptocurrency by market cap rallied by 10.01% and pushed itself to a price of $0.023. TRX held a market cap of $1.57 billion and a 24-hour trading volume of $583.3 million. The recent upsurge in TRX’s price also coincided with the introduction of new DApps in the Tron ecosystem.
The second largest cryptocurrency on CoinMarketCap, ETH retraced its steps to the bullish realm after a surge of 8.81% over the last 24 hours. This surge drove the valuation of Ethereum to $217.70, at press time. The asset’s market cap stood at $23.26 billion, and the 24-hour trading volume was recorded to be $9.43 billion.
JP Morgan’s Jamie Dimon: Facebook’s Crypto Isn’t a Short-Term Concern
Jamie Dimon, the CEO of J.P. Morgan Chase, has said he doesn’t expect Facebook’s planned Libra cryptocurrency to have a short-term impact on the bank.
In an analysts call Tuesday, first reported by CNBC, Dimon appeared to suggest that it was too early to speculate on how the effort, advertised as a global currency for the unbanked, would impact his company or its outlook. JP Morgan is the leading bank in terms of U.S. retail deposits, according to its most recent annual report.
“We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it,” Dimon said, when asked about Facebook’s entrance into the financial sector through cryptocurrency.
The chief executive added:
“To put it in perspective, we’ve been talking about blockchain for seven years and very little has happened.”
In previous interviews, Dimon has noted that cryptocurrency companies might compete with legacy banks. Still, he believes regulations will be a factor in how such technologies may be rolled out to the public, potentially delaying their timelines.
“Governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place; no-one wants to aid and abet terrorism or criminal activities,” Dimon said.
Facebook planned to debut the stable-backed cryptocurrency in 2020, but has since come out to say it will not offer the digital currency until all regulatory concerns have been addressed.
“We don’t mind competition,” Dimon said. “The request is always going to be the same: We want a level playing field.
JPMorgan proposed its own cryptocurrency, JPM Coin, in February to be used internally to speed up transactions. “The technology is very good, but it takes time in terms of licensing and approval. It must be explained,” lead developer Umar Farooq said prior to a trial period commencement.
For his part, David Marcus, lead developer of Facebook’s blockchain, has said, Libra is “not designed as a substitute for bank accounts,” in a Senate Banking Committee hearing on the cryptocurrency yesterday. A second day of testimonies is now underway.
Jamie Dimon via CNBC
India’s proposed crypto ban is ‘corrupt’ says Tim Draper
- India’s proposed bill is “pathetic and corrupt,” Tim Draper.
- Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies.
Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin support and investor in Tezos has come out to condemn the move. The outspoken investor has recently advocated Bitcoin to the government of Argentina. He refers to India’s proposed bill as being “pathetic and corrupt.”
He wrote on Twitter:
“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”
His comments have not been received well by the people on Twitter with some saying that Draper has not confirmed the developments and is acting on hearsay only. Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies and does not support government involvement in terms of regulating the space.
As reported by FXStreet, a lawyer in India shared what he referred to as the evidence of a draft law that could be used to ban cryptocurrencies in India except for the ‘Digital Rupee,” a digital asset that will be issued and backed by the Reserve Bank of India.
More on India’s leaked draft bill: India’s battle with crypto ban continues: “Digital Rupee” to be only the digital currency