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Topic: Philippines First Regulated Bank for its Cryptocurrency and Trading services. - page 2. (Read 164 times)

legendary
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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.
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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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