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.
— Miguel Cuneta (@MiguelCuneta) May 18, 2018
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