Largest Bank in the Phlippines 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.

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.

See Original Post

Author: JP Buntinx


Disclaimer: The Top Crypto Feed website is a crypto news portal, financial discussion forum, and content curator/aggregator. Articles on TopCryptoFeed.com are provided for entertainment and informational purposes only. We are not an investment advisor and do not provide financial advice.

We can’t always review and verify all articles posted on Top Crypto Feed. Please independently research and verify any information found here before relying on it as fact. It’s also important to do proper due diligence and analysis, including consulting a professional financial advisor, before making any decision regarding investments or your personal finances. No content on Top Crypto Feed constitutes a recommendation to enter in any type of investment or to engage in any investment strategy presented on this website.

loading...
We will be happy to hear your thoughts

      Leave a reply