PNB looks into use of bitcoin!

[jonas5222000]

Good news for all Filipinos and the others

In my country the Philippines National Bank (PNB) was looking into use of bitcoin,i was wondering if it  can may affect the price of bitcoin?


TOP official of the Philippine National Bank (PNB) vows to study bitcoin amid Bangko Sentral ng Pilipinas (BSP) accepting stance on cryptocurrencies. PNB chair Flor Gozon Tarriela said they are looking at bitcoin and blockchain technology very cautiously but stressed the bank is not into it yet. “PNB will closely study the disruptions going on in the financial sector. We want to know more about the trends. We want to be aware of what is happening. But as to our plans to venture, we are not into it yet,” said Tarriela, adding that they are in the process of studying its dynamics and its possible effects to the banking business. A bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. While it recognized the potential benefits of virtual currencies as it facilitate the movement of funds at a much faster, cheaper, and convenient way, the BSP is equally cautious of the potential risks including illicit activities such as money laundering and terrorist financing.

It has advised the public that they have to be conscious of the opaqueness of transactions involving bitcoins. To minimize risks, the BSP encouraged existing and prospective virtual currency users to deal only with BSP-registered virtual currency exchanges and maintain only a sufficient amount of virtual currency enough to address transaction requirements. BSP warned that virtual currency users should properly secure their virtual currency holdings and observe security tips to protect the confidentiality and integrity of personal information and transaction details. “The BSP still has to issue regulations on this virtual currencies. But, we, in the banking industry advocate the know-your-customer first,” said Tarriela. PNB’s thrust this year is to go digital. Tarriela said they have launched mobile banking apps to cater to the needs of the tech-savvy market. “The way to go, really, is digital,” she said, adding that this will also help them reach out to the unbanked population.

Source : http://www.sunstar.com.ph/cebu/business/2018/03/09/pnb-looks-use-bitcoin-592675

[passwordnow]

Good news, they are looking into use of bitcoin. I know that there are some banks in Philippines that ready to adopt bitcoin and blockchain.
This is one of the bank that will use blockchain to the payment system - https://www.coindesk.com/philippines-banks-use-visas-blockchain-payments-platform/

[jonas5222000]

Good news, they are looking into use of bitcoin. I know that there are some banks in Philippines that ready to adopt bitcoin and blockchain.
This is one of the bank that will use blockchain to the payment system - https://www.coindesk.com/philippines-banks-use-visas-blockchain-payments-platform/

its nice to hear that, i think my country which is philippines was met with new technology,even we are facing more tragedy we are still strong and has unity.

[torch2121]

This is good news, besides from Security Bank I can also try card less ATM to PNB. Thank you very much for the info big help. Also living in Philippines.

[CHENIEN]

It is quite the same story as what union bank also planned before to adapt cryptocurrency like bitcoin. But until now union bank is beyond silence, maybe they still study the characteristics of bitcoin business. And Hopefully philippine national bank prove the total adaptation of bitcoin, and I'm pretty much sure if philippine national bank accept bitcoin, more banks in the philippines also follow to access and accept bitcoin business.

[skorupi17]

Good news for all Filipinos and the others

In my country the Philippines National Bank (PNB) was looking into use of bitcoin,i was wondering if it  can may affect the price of bitcoin?

I don't think that it will have any significant effects at all. PNB is not that big to drive the price significantly higher.

PNB's main clients are Filipinos, just think about how much Filipinos have bank accounts and what percentage of that number knows about Bitcoin? Bitcoin is not yet widely known in the Philippines so assuming of any significant effect is doubtful.

BTW, thanks for the info.

[pxo.011]

this information is really helpful i am glad that p.n.b is trying to recognize bitcoin

[kevoh]

There is nothing to be excited about from the news as this will have zero significant effect on the price of bitcoin! Asides the fact, that the Philippines does not have much decisive power like China, Japan, US e.t.c in Bitcoin ecosystem, it is also glaring in the news article that this is just a case of the Phillipines National Bank studying Bitcoin and not adopting it. Here's an excerpt from the article:

“PNB will closely study the disruptions going on in the financial sector. We want to know more about the trends. We want to be aware of what is happening. But as to our plans to venture, we are not into it yet,”

Their conclusion after studying will most likely be on how to heavily regulate Bitcoin and cryptocurrency to the Bank's advantage.

[batang_bitcoin]

Thanks for sharing this. I didn't have the idea that bank will look into bitcoin.

This only means that bitcoin is getting serious in their eyes.

Cant wait for them to adopt it.

[Creepings]

this information is really helpful i am glad that p.n.b is trying to recognize bitcoin

I am glad that they are making a move now since Bitcoin is starting to be popular to people in our country. I just do hope that it will be useful also to people that do not know of this digital currency.

[samcrypto]

The banking industry are showing some interest in cryptocurrency and slowly adopting it. This is good news for a third world country that keeps on improving and one of a greatest economy in southeast asia. Hopefully this will happen and for sure the government will support it.

[Quidat]

Good news for all Filipinos and the others

In my country the Philippines National Bank (PNB) was looking into use of bitcoin,i was wondering if it  can may affect the price of bitcoin?

I don't think that it will have any significant effects at all. PNB is not that big to drive the price significantly higher.

PNB's main clients are Filipinos, just think about how much Filipinos have bank accounts and what percentage of that number knows about Bitcoin? Bitcoin is not yet widely known in the Philippines so assuming of any significant effect is doubtful.

BTW, thanks for the info.

Effects cant really be seen or not really achievable on such acceptance of PNB.This is really just a bank which do only serves Filipino people but well even thought it doesnt really make impact but it is much better to know that there are still banks who do reside on such adoption not on literally accepting them but considering on making transactions on where bitcoin are being converted to fiat wont really give you any problem.Unlike on BDO and BPI they are imposing strict compliance with BSP when it regards to cryptocurrency transactions.

[GREATLOVE]

Good news for all Filipinos and the others

In my country the Philippines National Bank (PNB) was looking into use of bitcoin,i was wondering if it  can may affect the price of bitcoin?


TOP official of the Philippine National Bank (PNB) vows to study bitcoin amid Bangko Sentral ng Pilipinas (BSP) accepting stance on cryptocurrencies. PNB chair Flor Gozon Tarriela said they are looking at bitcoin and blockchain technology very cautiously but stressed the bank is not into it yet. “PNB will closely study the disruptions going on in the financial sector. We want to know more about the trends. We want to be aware of what is happening. But as to our plans to venture, we are not into it yet,” said Tarriela, adding that they are in the process of studying its dynamics and its possible effects to the banking business. A bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. While it recognized the potential benefits of virtual currencies as it facilitate the movement of funds at a much faster, cheaper, and convenient way, the BSP is equally cautious of the potential risks including illicit activities such as money laundering and terrorist financing.

It has advised the public that they have to be conscious of the opaqueness of transactions involving bitcoins. To minimize risks, the BSP encouraged existing and prospective virtual currency users to deal only with BSP-registered virtual currency exchanges and maintain only a sufficient amount of virtual currency enough to address transaction requirements. BSP warned that virtual currency users should properly secure their virtual currency holdings and observe security tips to protect the confidentiality and integrity of personal information and transaction details. “The BSP still has to issue regulations on this virtual currencies. But, we, in the banking industry advocate the know-your-customer first,” said Tarriela. PNB’s thrust this year is to go digital. Tarriela said they have launched mobile banking apps to cater to the needs of the tech-savvy market. “The way to go, really, is digital,” she said, adding that this will also help them reach out to the unbanked population.

Source : http://www.sunstar.com.ph/cebu/business/2018/03/09/pnb-looks-use-bitcoin-592675

This only means that banks are really see about the potential of bitcoin in the near future. Banks has the high standards when it comes  in choosing about like this then they choose btc and I believe they see something especial in btc.

[jonas5222000]

The banking industry are showing some interest in cryptocurrency and slowly adopting it. This is good news for a third world country that keeps on improving and one of a greatest economy in southeast asia. Hopefully this will happen and for sure the government will support it.

I think in my country, the government  was really supporting the bitcoin,that why many people in the philippines has knowledge about crypto and also bitcoin,

[dothebeats]

While the idea is a head-turner, we all know that these banks would just focus on studying the blockchain tech more closely than bitcoin. And aside from that, PNB is just a small bank compared to other commercial banks in the Philippines, but the initiative can still cause a ripple in the banking industry, given that the BSP has given a positive impression about crypto while ensuring that the people who are involved in such would be supported by fair and just regulations. Still a positive news nevertheless.

[jonas5222000]

Thanks for sharing this. I didn't have the idea that bank will look into bitcoin.

This only means that bitcoin is getting serious in their eyes.

Cant wait for them to adopt it.

But now it looks like nearly to generally legalize in philippines,as of now many of stote branches in the philippines was accepting bitcoin,and  you can pay to them by using bitcoin.

[zenrol28]

I don't think that they will accept bitcoin, rather they might compete with it by using the same technology behind bitcoin which is the blockchain. Just like Union bank, they will use Visa's B2B platform. It might be something like a distributed ledger but only the banks are holding those ledgers which is still centralized.

[btcrut2017]

Good news, they are looking into use of bitcoin. I know that there are some banks in Philippines that ready to adopt bitcoin and blockchain.
This is one of the bank that will use blockchain to the payment system - https://www.coindesk.com/philippines-banks-use-visas-blockchain-payments-platform/

Yes this is a good news with 2 million filipinos who are active in bitcoin this is a breakthrough. Its nice to know that government are supporting to make filipinos getting rich. PNB is one if the largest government owned bank in the country.

[npredtorch]

This is good news, besides from Security Bank I can also try card less ATM to PNB. Thank you very much for the info big help. Also living in Philippines.

No, you can't. AFAIK, PNB doesn't have a card less withdrawal feature compare to SB that's why its impossible yet to be added on coins.ph cash out (I think this is what you're referring to).
Also, this is just a news. It's too early to give your "thank you".
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I like your name torch brother

[batang_bitcoin]

Thanks for sharing this. I didn't have the idea that bank will look into bitcoin.

This only means that bitcoin is getting serious in their eyes.

Cant wait for them to adopt it.

But now it looks like nearly to generally legalize in philippines,as of now many of stote branches in the philippines was accepting bitcoin,and  you can pay to them by using bitcoin.

You can pay them with bitcoin but it has to be converted first with bitcoin. I haven't see any announcement from any bank that they are fully accepting bitcoin. What you mean is you can pay with bitcoin with the use of an exchange because they will convert it into fiat. It's obvious that bitcoin is legal in the country, the central bank is not endorsing it but they have set regulations about it that they are good with it. Further, directives and announcement from banks and establishments shall come soon.