Philippines First Regulated Bank for its Cryptocurrency and Trading services.

[Cryptomultiplier]

While countries are busy seeking solutions to the seemingly unending inflation in their region, as well as looking for ways to place some level of regulation on the use or acceptance of cryptocurrency,  it is glad to know that the Philippines have gone ahead to realize a dream of providing crypto and its trading services to customers with its Unionbank institution. While this is a sure step in the right direction with more adoption of the cryptocurrency in commerce, other countries will aim to learn from them and enact same as this is the future of doing business around the world. This is also aimed at solving the issues of inflation.

Henry Aguda, the chief technology and operations officer and chief transformation officer at Unionbank, remarked. “We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country allowing digital currency exchange feature for clients.”

What do you think of this new approach of the Phillipina government to providing cryptocurrency  services?

https://news.bitcoin.com/philippines-financial-institution-unionbank-now-provides-crypto-custody-and-trading-services/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

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[Lucius]

It seems inevitable that some banks will get involved in trading and providing storage for cryptocurrencies, but not because they have any sympathy for Bitcoin, but because they want to take their share of the pie. This particular bank has been dealing with such things for years, and I read in the article that they already have their own stablecoin.

As for trading, I don't see anything wrong if they enable it in bank branches or online with some reasonable fees, but as for the custody service, they should warn their clients what it exactly means and explain what will happen in the event that crypto assets get hacked from their bank. I can't say what the rules are about the insurance of savings deposits in the Philippines, but regardless and if they exist, I would advise everyone not to store Bitcoin in banks or centralized crypto exchanges.

This is also aimed at solving the issues of inflation.

I don't see how anyone thinks that a crypto-friendly bank will help in the fight against inflation? Investing in Bitcoin or any altcoin (especially in the short term) does not provide any insurance against inflation, and as long as we have this kind of financial system, inflation will be a part of our everyday life.

[Fivestar4everMVP]

What do you think of this new approach of the Phillipina government to providing cryptocurrency  services?

This is indeed a welcome development to the entire crypto currency community and great win for the crypto currency community in Philippine, it is the desire of every crypto currency lover to be able to exchanged their local fiat currency easily to fiat, and it is rather unfortunate for several countries that continue to see crypto as a threat to their national currency, which is absolutely wrong, to me, this is one of ways to generate more revenue for the development of the country since the bank will be taking a charge, but i really the fee is minimal enough so as not to put holes on peoples pocket thereby turn off citizens from using the service.

kudos to Philippine's government for this wonderful move.

This is also aimed at solving the issues of inflation.

I agree with Lucius, there is no way this is helping to fight inflation, but rather, if the government will generalized the acceptance of crypto to every bank in the country by allowing citizens to easily exchange their fiat to crypto and vise versa easily, i think its a good and added source of revenue for the country.

[bestcoins1]

What do you think of this new approach of the Phillipina government to providing cryptocurrency  services?

That is a very good approach from the government for all Phillipina citizens, because with it every Phillipina who already knows and uses cryptocurrency will get more convenience with the presence of special services for cryptocurrencies through Unionbank which is there (Philippines). And I consider this to be very good news because it can trigger examples from other countries or banks in other countries in terms of cryptocurrency services if there are more conveniences that are obtained by Phillipina.

[blockman]

What do you think of this new approach of the Phillipina government to providing cryptocurrency  services?

Just a little correction mate, it should be the Philippines or the Philippine government. Because Phillipina(Filipina) refers to a Filipino woman. A little background of that bank, Unionbank. They're also offering courses that are for free and that include blockchain/crypto-related courses through (https://ubpxcellerator.apptitude.xyz/). They own that program. I also have an account with this bank but when I checked it on their app with my account and it seems I'm not part of those selected retail users to test it out.

[lumbanrang]

It is great to see the Philippine government is open with the development of cryptocurrencies and does not prohibit financial institutions in their country from supporting cryptocurrencies. Hopefully in the future this positive trend will continue, so that crypto adoption will be more massive globally.

[lionheart78]

What do you think of this new approach of the Phillipina government to providing cryptocurrency  services?

Definitely the government must have a share of the pie.  This is the reason why the government is regulating cryptocurrency.  Aside from taxes, the government and other financial companies can take advantage of the market, reason why banks and other financial institutions are adopting cryptocurrency and opening a marketplace for selling, this time as a trading platform.

Union Bank is expected to be the first one to take advantage of cryptocurrency.  while other bank doesn't show interest in adopting cryptocurrency, Union Bank had been expressive of their support of Cryptocurrency specifically Bitcoin and now, ETH.  So it is not a surprise to read news about Unionbank engaging in Bitcoin and ETH trading Platform.  I believe they will add more cryptocurrency as the time pass by.

[mk4]

This is also aimed at solving the issues of inflation.

Let's be totally honest here — UnionBank added a crypto trading service arm simply because it would garner them more revenue, by allowing people to trade crypto conveniently on their banking app instead of using a 3rd party platform. Nothing more, nothing less.

[so98nn]

That’s definitely welcoming for the Philippians and it will easily drive more clients towards them who are into crypto and also from new comer perspective.

I don’t know but it could also be potential source for attracting the overseas peeps to trade and invest on their platform and may open up doors for international competitions.

Now this is good step from them for also driving more investment into the country. Hope they take it to that level soon. Officially!

[Zanab247]

What do you think of this new approach of the Phillipina government to providing cryptocurrency  services?

I guess, this is a welcome development that will help the country to fight inflation to allow their citizens to improve higher in all their businesses in the country. Based on what Philippina government has done to their citizens by providing cryptocurrency services to their citizens, show that many business men and women will start allowing Bitcoin payment in their different businesses so that other countries that still doubt cryptocurrency will see how important cryptocurrency is to government. This step will surely bring a good results to the Philippine government because it will really contribute to their economy and other things in the country.

[avikz]

Wow! Congratulations Phillipines! After Japan, I believe Phillipines is the 2nd country to have such kind of banking system which facilitates cryptocurrency related services in a regulated way. That's a step towards the future!

I hope some more South Asian countries will learn from your success and will try to bring in a legal framework in their own country which is long due now. Congratulations on being the pioneer!

[BigBos]

What do you think of this new approach of the Phillipina government to providing cryptocurrency  services?

I think the Philippine government is starting to become literate towards crypto currency trading and technology in its country so that the government is formulating regulations for crypto trading because it has been seen well that crypto and bitcoin adoption has skyrocketed since 2021. The last survey conducted by Triple A contained 6.13% of people. the Philippines or about 7 million people who own crypto currency in the Philippines. Maybe this is an opportunity for the government in the Philippines to increase revenue from taxes as well as to socialize the people with new technologies that might replace the technology they use today.

https://triple-a.io/crypto-ownership-philippines/

[AmoreJaz]

This is also aimed at solving the issues of inflation.

Let's be totally honest here — UnionBank added a crypto trading service arm simply because it would garner them more revenue, by allowing people to trade crypto conveniently on their banking app instead of using a 3rd party platform. Nothing more, nothing less.

we can say, that's business of course. but let's see the side that they are willing to keep up with their government protocols when it comes to regulating their crypto services. some people may find it useful as they can directly use this app to convert their crypto to their fiat. though they can avail binance's services also to convert it to their fiat, but they may look for possible benefits when it comes to fees and exchange rates.

[serjent05]

That’s definitely welcoming for the Philippians Filipinos (citizens of the Philippines) and it will easily drive more clients towards them who are into crypto and also from new comer perspective.

I don’t know but it could also be potential source for attracting the overseas peeps to trade and invest on their platform and may open up doors for international competitions.

Now this is good step from them for also driving more investment into the country. Hope they take it to that level soon. Officially!

Indeed Union bank had been the first bank in the Philippines to be crypto-friendly.  They wanted to be the first one and lead the financial institution in the Philippines when it comes to crypto adoption.  As a result, aside from their very own cryptocurrency, they have now a crypto exchange platform.

Obviously, the bank doesn't care about Bitcoin or cryptocurrency but they are interested in Blockchain technology.  Aside from that, being the first mover among the banks they think they will attract more crypto enthusiast clients and take advantage of the growing market of cryptocurrency.  At the end of the day, it is still all about possible profit.

[Zlantann]

That bank are very innovative, it’s the only bank so far that shows full support to cryptocurrency, they lead the local banks when it comes to adoption and it’s really good for us. I can say that my country are very open when it comes to cryptocurrency, kudos to those companies who are showing their interest to adopt as well. I see Binance doing their effort as well to introduce cryptocurrency legally in my country, we are indeed growing.

One of the advantage of this heroic move by Unionbank of Philippine is that citizens can comfortably exchange Bitcoin to the Philippine peso without restrictions. This would no doubt attract more citizens to Bitcoin and other cryptocurrencies. Another plus to this service is that it would create more awareness about Bitcoin, which is a welcomed development in the Bitcoin space.

But the use of Metaco’s platform Harmonize (a third party exchange) for this transaction means that customers funds would be controlled by individuals. This entails that the platform would also prone to corruption, fraud and hack.  

[Hydrogen]

The most important feature clients search for in banks is reliable account insurance and fraud protection. In the united states banks carry FDIC insurance which in theory provides protection up to more than $50,000 in losses. Protection against bank runs and withdrawal limits are also a plus in times of economic uncertainty. Not all banks are created equal in these areas. High risk investment banks can often carry smaller margins for error. While low risk banks can retain greater stability and reliability in times of recession and inflation.

Foreign nations like the philippines can have banks which lack basic insurance protection on accounts. A negative condition which regulation has not done much to address.

[Techkoy407]

one step forward for the philippines,
with bank regulations specifically for cryotocurrencies, will add progress for sure, will encourage enthusiasm for crypto investors, there will be many countries motivated by the Philippines' actions, and people who are not familiar with crypto, will definitely start to be interested in buying it.

[Bttzed03]

It's funny how our Financial Institution is spearheading the move towards providing crypto-related services while our legislators and tax authorities are still contemplating how to properly categorize income of losses from trading (for individual reporting purposes).

~
But the use of Metaco’s platform Harmonize (a third party exchange) for this transaction means that customers funds would be controlled by individuals. This entails that the platform would also prone to corruption, fraud and hack.   

Even if they do not partner with Metaco, UnionBank will still offer custodial/centralized crypto trading. They will still face the same threat from hackers/scammers.

[doomloop]

What do you think of this new approach of the Phillipina government to providing cryptocurrency  services?

I think the Philippine government is starting to become literate towards crypto currency trading and technology in its country so that the government is formulating regulations for crypto trading because it has been seen well that crypto and bitcoin adoption has skyrocketed since 2021. The last survey conducted by Triple A contained 6.13% of people. the Philippines or about 7 million people who own crypto currency in the Philippines. Maybe this is an opportunity for the government in the Philippines to increase revenue from taxes as well as to socialize the people with new technologies that might replace the technology they use today.

https://triple-a.io/crypto-ownership-philippines/

I think many of the people there already know crypto since before but there are only waiting for the right signal and that is when they experience a high inflation. They realized that crypto has the property to help about this problem. They can tax crypto users and I think crypto users won't mind it. That is better than if they didn't allow crypto and besides, there are benefits about this. It can help their country to become more developed.

The introduction of cryptos in banks doesn't replace the old technologies. People are still using the bank but cryptos only co-exist there, making the banks a more powerful tool. As a user of crypto and fiat/banks, I love this idea as it's now easier for me to cash out and cash in.

[coupable]

Henry Aguda, the chief technology and operations officer and chief transformation officer at Unionbank, remarked. “We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country allowing digital currency exchange feature for clients.”

It is a good step in the way of developing the financial economy of a country like Vietnam. In addition to the few economic assets that this country possesses, a large part of its earnings come from remittances made by Vietnamese living abroad in wealthy countries. These people work in various normal jobs in countries such as the Gulf states or some wealthy Asian countries. Of course, these workers will not be able to convert their money into the local Vietnamese currency due to the huge amount they are experiencing, which has caused a downturn in the economy. With a bank that accepts cryptocurrency, they will be able to move their money without compromising its value.