14 banks transact bitcoins

[kingkats0803]

Wooooww..
Many are well read and are covering up for me.
Hehehe
Thanks guys for helping me spread the word!
We hope and pray that banks in other countries, and government as well, will recignize digital assets!
Keep posting guys!

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[raniadaling]

This is a testament to the success of bitcoin in the philippines, and in effect, worlwide.
I believe this will influence other banks to engage in digital currencies, after all, banks don't want to get left out with matters concerning money.
This will revolutionize banks, and bitcoins in banks!

[Jet Cash]

The date on that article is -
Published July 3, 2014 1:58am

So what is the latest news?

[katixrecamara]

I think it is very good for the financial system of this country. I am sure that they will be careful about money laundering issues as well. It is better to accept and regulate it suitable to its own rules.

I agree!
This is a step to regulate btc in the country, and to better manage digital assets.
I just hope that financial syatem will carried out smoothly.

[jrrsparkles]

OP can you provide the link for that news.Because I am wondering what is the use of bitcoin in banking system because it is really against them so how they will use bitcoin for transaction.

[kingkats0803]

The date on that article is -
Published July 3, 2014 1:58am

So what is the latest news?

Yeah, I know.. I posted it because many are yet to know.
And is evident when people know little, like asking the article was dated way back (?), which mean he/she is still have got no idea. Until now.
Well for the latest, check mary dale's link posted in this thread!
http://news.abs-cbn.com/business/01/22/18/visa-unionbank-launch-blockchain-payment-system

[katixrecamara]

OP can you provide the link for that news.Because I am wondering what is the use of bitcoin in banking system because it is really against them so how they will use bitcoin for transaction.

This was the link posted  http://www.gmanetwork.com/news/money/content/368421/bitcoins-can-now-be-purchased-in-14-different-banks/story/
It was dated many years back, but it's good to know since many have no idea still.
Even me.

[Prem.Soorajpaul]

Some exchanges in India also dealing with bitcoin but they have to deposit more money in terms of security. As per Govt. rule, bitcoin is a very volatile and a risky so they are demanding more security money to play with safer side. 

[focmere]

14 banks in the Philippines now recognize and transect bitcoins.
What about in yours?

None, our government and banks consider crypto currencies as fraud therefor banks are closing the accounts of the owners.

[frowsiter]

14 banks in the Philippines now recognize and transect bitcoins.
What about in yours?

Seriously? What are those banks? That'll be a good indication to other country and of course to include other banks in the Philippines as you said so. Hoping that there would be a lot of banks that will also recognize bitcoin. Philippines is one of the country that doesn't ban bitcoin unlike China. Hopefully bitcoin will prosper on the said country.

Like BDO, BPI, metrobank, chinabank,unionbank and among others.
You can check this link http://www.gmanetwork.com/news/money/content/368421/bitcoins-can-now-be-purchased-in-14-different-banks/story/
Just stumbled upon reading stories regarding bitcoins.
Im hoping the same, banks should recognize bitcoin.
Hurra to all!
Hehehe.

I wouldn't trust the Op but saw this one with reference so it has weightage now. Looks like Philippines is going under revolutionary change with this one and many other counties and countries will follow them only if they succeed in the proper use of it.

See, the blockchain and current traditional technology that is swift are completely two different algorithms with decentralised and centralisation work nature. For the first time it could happen that they merge and accept the payment over blockchain and process over it as and when needed.

However the current affairs says different thing than the old article that you have shared here.

See this one : https://www.google.co.in/amp/s/www.coindesk.com/philippines-central-bank-grants-first-cryptocurrency-exchange-licenses/amp/

But it's mostly about central bank issuing license to exchangers.

[dalesotpi]

The date on that article is -
Published July 3, 2014 1:58am

So what is the latest news?

Yeah, I know.. I posted it because many are yet to know.
And is evident when people know little, like asking the article was dated way back (?), which mean he/she is still have got no idea. Until now.
Well for the latest, check mary dale's link posted in this thread!
http://news.abs-cbn.com/business/01/22/18/visa-unionbank-launch-blockchain-payment-system

I agree with posting news that are even way back, Because they are one of those that are completely forgotten, if not having no idea at all!
Just like how government per diems when they travel on official business, it was only known that they are allotted 800php, but then the news that it was upgraded to 1500php was not promulgated sufficiently - and memorandum was dated wayback, around 2012-2013

So thanks for sharing

[mekie]

kingkats0803 Can you list them please pm if you like as this is really good news if accurate. If the likes of PNB, Metro Bank, UCPB etc will accept it is fantastic news for it could be the start of a wider trend. How will it work? do the banks have wallets etc?

[pxo.011]

on my opinion its something suspicious banks are against in bitcoin or any cryptocurrencies because they cant take or they cant collect any taxes from bitcoin so beware and learn how to observe

[Shamie1002]

I am really wondering how it works there.
Do they offer you a wallet connected to the bank account?
And is it possible to convert bitcoin into the lokal fiat and back?
How high are the fees for their service?

There is a wallet that let exchange Bitcoins to Fiat directly to remittance centers also bank accounts.
Yes they have fees and it increased when bitcoin skyrocket happened.
Also, benefits were reduced like limiting the amount of exchanges to fiat in a year.
That was really a buthurt for most of us today.
Since there are still no local store accepting it, we don't have a choice but to go with the flow.
It's like we have taxes already.

[rb26]

14 banks in the Philippines now recognize and transect bitcoins.
What about in yours?

Seriously? What are those banks? That'll be a good indication to other country and of course to include other banks in the Philippines as you said so. Hoping that there would be a lot of banks that will also recognize bitcoin. Philippines is one of the country that doesn't ban bitcoin unlike China. Hopefully bitcoin will prosper on the said country.

Like BDO, BPI, metrobank, chinabank,unionbank and among others.
You can check this link http://www.gmanetwork.com/news/money/content/368421/bitcoins-can-now-be-purchased-in-14-different-banks/story/
Just stumbled upon reading stories regarding bitcoins.
Im hoping the same, banks should recognize bitcoin.
Hurra to all!
Hehehe.

This would be a good news to all. Not only in security bank where we can deposit our earnings and cash out as well but also to other banks in the Philippines. I am looking forward in the announcement most especially in BPI where i trusted the most.

But I think there's still controversy over Bitcoin transaction in some banks. A story of a client who have bank account in Banco de Oro (BDO) have gone viral when she posted in facebook her story wherein she said that a staff of the bank told her that her account is subject for closure because they traced that there was a bitcoin transaction in her account. And they stated that an order to close all accounts that has BTC transactions was given to them as per the Central Bank of the Philippines (BSP). The staff insisted that the order was from BSP which is quite confusing since they approved a local exchange and there are 12 more exchanges subject for review. However, upon reaching out to BSP there was a misunderstanding and there's no such order but they are eyeing to regulate virtual currencies.
You may refer to this link (some are in Filipino language): https://web.facebook.com/permalink.php?story_fbid=516683295371902&id=100010907075861

[Mayapurnamasariazhari]

14 banks in the Philippines now recognize and transect bitcoins.
What about in yours?

her news source can be from where it agan. because this news very awaited pleh bitcoin user community in particular. because of the existence of the bank dipilifina already bertantraksi dengat automatic bitcoin other banks also have to dipertimbangkannya for continuation of user bitcoin agan.

[bitfocus]

wow! that's some really good news for Bitcoiners of Philippines! I guess other Asian countries will also take a note.

[Sheckley]

14 banks in the Philippines now recognize and transect bitcoins.
What about in yours?

Seriously? What are those banks? That'll be a good indication to other country and of course to include other banks in the Philippines as you said so. Hoping that there would be a lot of banks that will also recognize bitcoin. Philippines is one of the country that doesn't ban bitcoin unlike China. Hopefully bitcoin will prosper on the said country.

Like BDO, BPI, metrobank, chinabank,unionbank and among others.
You can check this link http://www.gmanetwork.com/news/money/content/368421/bitcoins-can-now-be-purchased-in-14-different-banks/story/
Just stumbled upon reading stories regarding bitcoins.
Im hoping the same, banks should recognize bitcoin.
Hurra to all!
Hehehe.

This would be a good news to all. Not only in security bank where we can deposit our earnings and cash out as well but also to other banks in the Philippines. I am looking forward in the announcement most especially in BPI where i trusted the most.

Perhaps we should all move to the Philippines I wonder if there are already other countries with similar BTC banking measures already in function.

[Drunkenhorse]

Good for them, honestly saying I am not surprised if I hear from the news that all banks will accept bitcoin tomorrow.

[GangNamSK]

This is great, I hope that banks in other countries are also considering accepting the bitcoin traffic and shipping. This may be the premise, the motivation for other countries to learn how to operate the bank in the Philippines and we will see the good news.