Largest Bank in the Philippines Showcases Bitcoin Mining Equipment

Financial institutions all over the world are interested in Bitcoin. UnionBank recently demonstrated its cryptocurrency miners at a business conference. That is an interesting development, considering how the world’s leading cryptocurrency is a legal tender in the country. When the biggest bank in The Philippines gets into Bitcoin, an interesting tone is set.

When the CEO of a top bank in the Philippines runs #Bitcoin miners at a business conference, you know we're headed in the right direction ;) pic.twitter.com/b7dzGMDXVa

— Miguel Cuneta (@MiguelCuneta) May 18, 2018

Unionbank and Cryptocurrency

The Philippines have always been a key region for Bitcoin. It is home to a few remittance services which rely on cryptocurrency. Moreover, the government made it clear Bitcoin can be used for remittance purposes. It is a validation of the world’s leading cryptocurrency being used for real-world use cases. So far, the Philippines is one of the only countries to take this specific step in recent years.

Unionbank, the biggest bank in the country, recently showcased cryptocurrency miners during a business conference.While that may not seem important, it is another nod of approval toward cryptocurrency. While not a Bitcoin mining unit, it does show the institution is interested in cryptocurrencies.

How this venture will pan out exactly, remains a bit unclear. To this date, the bank has not confirmed it is involved in any cryptocurrency mining operation just yet. Even so, they are quite confident cryptocurrencies here to stay. More and more banks are getting on the cryptocurrency bandwagon these days. Ranging from trading desks to mining operations, things are certainly heading in an interesting direction.

Bitcoin and The Philippines

It is not the first time Unionbank shows an interest in cryptocurrency or its underpinning technology. Earlier this year, the institution announced a blockchain payment system. This venture is launched together with Visa. Although that feature does not involve cryptocurrencies, it shows its underpinning technology can effectively transform business models in the Philippines.

Additionally, the Philippines government introduced an “economic zone” for cryptocurrencies. In this zone, cryptocurrency companies are allowed to operate in a licensed environment. Surprisingly, this venture attracted a lot of attention from international firms. Especially companies from Japan, Malaysia, and Hong Kong are interested in this option. The economic zone accommodates all business models, including exchanges, mining, and initial coin offerings.

All of this is in stark contrast with a slight crackdown on Bitcoin users. The Philippine National Police has arrested Bitcoiners before. This was mainly due to allegations regarding running a Ponzi Scheme. Additionally, cloud mining is still somewhat frowned upon in this country. The Bitcoin situation in the Philippines is heading in an interesting direction right now. Unionbank’s recent “endorsement” is another surprising development in this regard.

(Source: https://www.newsbtc.com/2018/05/18/unionbank-showcasing-cryptocurency-mining-hardware-raises-some-interesting-questions/)

Crypto is the Future - Union Bank

Edwin Bautista, head of Union Bank of the Philippines, is a firm believer in cryptocurrencies and blockchain. He says his bank is considering the acceptance of Bitcoin and other virtual currencies as payment options.

Union Bank of the Philippines is the only one of 10 banks in the country to have welcomed blockchain and cryptocurrencies, expecting them to play a major role in the financial market space. When asked why, CEO and president Edwin Bautista told Cryptovest, “It’s the future.”

Blockchain Will Upend Business as We Know It - John McAfee

Politics, race and religion could all be fair game for dinnertime conversation with John McAfee, but if you’re a blockchain skeptic, you might want to keep your mouth shut.

Image credit: Anthony Kwan | Getty Images

McAfee, the computer programmer and businessman behind the once-multibillion-dollar software company that bore his name, fiercely believes that cryptocurrency -- as well as blockchain, the technology that allows most cryptocurrencies to work -- will completely upend life as we know it.

What is the latest BSP Advisory on Virtual Currencies?

In the Philippines, Virtual Currencies has gained a lot of momentum in the past couple of years. The Bangko Sentral ng Pilipinas (BSP) has recognized the revolutionary potential of Virtual Currencies (VCs) for financial services and financial inclusion. The regulator has also taken steps to regulate the operations of VC Exchanges in the country (BSP Circular No 944, Series of 2017), like Coins.ph.

IMAGE SOURCE: Business World

In light of the recent surge in interest into Virtual Currencies, the BSP has issued a new advisory (as seen below) in which it outlines and cautions of the risks involved in Virtual Currency transactions and suggests security measures for VC users.