Topic: PNB looks into use of bitcoin! - page 5. (Read 1314 times)

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

“It’s like any other monetary instrument [and even] an investment instrument. There are risks but essentially, it can be managed. If you want something that is fast, near real-time and convenient then there’s the benefit of using virtual currencies like bitcoin.” – BSP Governor Nestor Espenilla

Maybe its about time they accept the usage of cryptocurrency. Sooner or later matatanggap na rin worldwide and crypto so instead of finding faults, they should find ways on how to properly regulate it para at least hindi naman tayo mahuhuli sa ibang bansa. Malay nating napakalaki na pala ng total income ng mge bitcoiners dito sa bansa natin, makakatulong pa sa economiya.

A growing number of the 10M Filipinos overseas are starting to discover the benefit of remitting money back to the Philippines via cryptocurrency like Bitcoin. According to the Bangko Sentral, they estimate that over P300M monthly of the remittances to the Philippines are coming through this channel. That’s approximately three times the volume seen last year.

Why is it gaining traction? It’s arguably a cheaper and faster way to move cash. If you try the typical services like Western Union, an overseas Filipino will have to pay a transaction fee of $11. If they want to transfer via bank through Western Union the fees are lower but they will have to wait for 6 business days before it gets credited to the account of their family back home. This is a strong use case scenario for cryptocurrency here in the Philippines.

Sa pagkakaalam ko, matagal ng open ang mga bank sa crypto currencies. Kung mapapansin ninyo sa thru coins.ph pwede na kayo magdeposit at magwithdraw direct sa inyong bank account. Si coins.ph kasi ang nagbind  ng tiwala ni crypto currency at banks kaya ito pinayagan dati pa, kaya lang hindi pa siya totally inilalabas in public kasi ay hindi pa naman ganoon kasikat dati ang crypto currencies.

Kung napansin ninyo ang coins.ph together with the other remittances center in Philippines ay may limit ang withdrawals at deposits it's because nagfollow sila sa rules and regulations ng AMLA sa Pilipinas. Also regarding sa attorney ng BSP na nakausap namin still on going ang study para sa mabilisang process ng pagapprove ng crypto currencies.

Sa kabilang dako posibleng pagnaayos at naapprove na lahat ng document sa legalization ng bitcoin and other altcoins dito sa Pilipinas, magkakaroong na ng taxes ang mga taong malaki ang kinikita dito. Kasi mamomonitor na lahat ng incoming at outgoing income ng bawat isang individual. Karagdagan; PNB is one of the most trusted government bank in the Philippines, so masaya ako at tuluyan na nilang tinanggap ang crypto currencies sa ating bansa.

After uninon banks pnb and even banko sentral then all Banks Will accept btc as a kind of currency this will  effect the price to rise up
Crypto will be partners of all banks soon cause they don't have  choice but to collaborate

That's a great news! At least may mga bangko na dito sa atin ang kumukilala sa bitcoin.. Unti-unti lalago na yan at marami pang bangko ang tutulad sa kanila.. Magantay lang tayo sa mga susunod pa..

Parang nakikita ko na mas advance ang mga bangko kung gagamit sila ng blockchain technology kasi hindi magtatagal ito ang magiging sagot sa mga problemang kinakaharap hindi lang ng mga bangko kundiy ang mga investor dito para maging trasparent diba.

Narinig ko na din to and I think na this would be a good thing for all of us. Sa tingin ko na tatagal pa talaga ang crypto sa pilipinas. At hindi lang tatagal siguro stay na to habang buhay. Sana, let's just cross our fingers for this one. And I am so happy na kilala na ang btc sa pilpinas talaga.

how about bdo, being the "number one bank"?  this is good news about pnb, to think na parang traditional bank siya.  sana we also hear about other banks looking into the crypto potential for the philippine market.