UnionBank to offer Bitcoin trading on mobile app in Octomber - page 2.

Die_empty

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Quote from: Bureau on September 19, 2023, 05:28:34 AM

Does this news mean that cryptocurrency is now legal in the Philippines? I am sure that all banks in any country are governed and regulated by a central bank. In the Philippines Central Bank of the Philippines does that job. If a bank is now offering crypto service then it does look like they have got permission from the Central Bank.

This is a piece of good news for the crypto community. It makes life easier for those who are into crypto trading and also those who want to hold Bitcoin and other crypto for long-term gain.

Cryptocurrencies have been legal in the Philippines and the country has one of the highest populations of crypto users. Bangko Sentral ng Pilipinas (BSP) Circular No. 944 in 2017 made cryptocurrencies a valid payment method. You are correct that no commercial bank can offer any service without registration and getting the needed authorization from the Central Bank. I never knew there were Union Bank in other countries because we have such a bank in my country. However, they don't offer crypto services because the Central Bank forbids them from engaging in crypto transactions.

Although these crypto services offered by banks promote centralization, it has a way of promoting crypto awareness. Some people will never invest in the industry except institutions like banks are involved. It also attracts more investors to the industry. Hopefully, as Bitcoin awareness keeps growing people will begin to see the importance of controlling their crypto investment, thereby ditching centralized platforms.

2double0

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Quote from: bhadz on September 19, 2023, 07:10:20 AM

Quote from: 2double0 on September 19, 2023, 06:33:18 AM

SNIP

That is for sure but crypto in our country is no longer a secret and if it's about taxation, it is a certain thing. The reality about it is that, unlike any other countries where IRS is too strict about collection of tax. Our Bureau of Internal Revenue isn't. But you're right about the potential of the Unionbank giving that data to the government if there's a need to chase those users that have been missing to file their taxes. Well, it's really different here in our country and only the big ones are always getting the attention of the government. If you're too small whether you're a trader or an investor, you just have to do it on your own and file it voluntarily.

That is not limited for government to look only for those traders who don't file taxes, they may also scrutinize every single person if they want to take out taxes on every single transaction that comes from crypto. I know about some countries where crypto taxes are weird and they treat it as gambling. This will only harm the innocent people who will use banks happily to buy crypto because the culprits who are involved in things like smuggling, kidnapping, child trafficking will never go through banks to cashout their crypto that they collect in ransom.

bhadz

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Quote from: 2double0 on September 19, 2023, 06:33:18 AM

I'd honestly not go for such options because it'll expose us to the government as all this is being done just to snatch away our freedom of preserving our financial responsibility on our own. Banks will surely give our data to income tax and governments and if you come from a country where huge taxes have been levied on your profits, then I am sure you will not go for this.

That is for sure but crypto in our country is no longer a secret and if it's about taxation, it is a certain thing. The reality about it is that, unlike any other countries where IRS is too strict about collection of tax. Our Bureau of Internal Revenue isn't. But you're right about the potential of the Unionbank giving that data to the government if there's a need to chase those users that have been missing to file their taxes. Well, it's really different here in our country and only the big ones are always getting the attention of the government. If you're too small whether you're a trader or an investor, you just have to do it on your own and file it voluntarily.

KiaKia

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Let the Banks adopts Bitcoin if they like, but that shouldn't be your own concern and this must not confuse you into thinking that it's safe to use your bank account to directly purchase Bitcoin, because the only way your government can crack down on crypto investors is finding traces of bank transactions that includes Bitcoin or crypto trades.

If Banks are adopting Bitcoin it's for their own good, they are simply investors like you, but do not break your privacy because of this, I have my reasons why I don't use PayPal to purchase crypto or use any centralized payment solution to purchase crypto, they can betray you.

Bitcoin is a decentralized digital asset, the government has realized that Bitcoin can't be beaten so the only option they have left is to join the train, there is a saying that 'if you can't beat them, you just have to join them.

Still, my advice stands, do not trust any centralized bank with your crypto assets, they might start coming up with yield ideas like DeFi projects and those new LSDs projects, and be the keeper of your Bitcoin yourselves.

peter0425

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Quote from: coin-score.ai on September 19, 2023, 03:49:14 AM

What is your opinion, do you think that banks are slowly starting to adopt Bitcoin?

Source:
https://cointelegraph.com/news/union-bank-of-the-philippines-launches-bitcoin-and-ethereum-trading

I think we need to wait for a while first , I mean lets see the effect first and if people in crypto will take this as advantage or another threat because this will surely involving KYC in which many of us tries to deny passing if given a chance.
anyway I love this to come if ever and I am surely one to use this when that happened .

Coin_trader

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Quote from: Bureau on September 19, 2023, 05:28:34 AM

Quote from: Coin_trader on September 19, 2023, 04:06:02 AM

Atleast provide the source for this news since this is not global but rather only for Philippines. You can use this https://cointelegraph.com/news/union-bank-of-the-philippines-launches-bitcoin-and-ethereum-trading as source so that your reader will have an idea about what you are talking about.

Unionbank is known as the pioneer bank that embrace crypto. They also offers different courses that related to blockchain. This news is long waited by Filipipino consumer that involves to Bitcoin since we can by directly using our UB account.

It's important to mention that only selected retail can use this feature since this is just on a pilot program. It's still a great news and thanks for sharing.

Does this news mean that cryptocurrency is now legal in the Philippines? I am sure that all banks in any country are governed and regulated by a central bank. In the Philippines Central Bank of the Philippines does that job. If a bank is now offering crypto service then it does look like they have got permission from the Central Bank.

This is a piece of good news for the crypto community. It makes life easier for those who are into crypto trading and also those who want to hold Bitcoin and other crypto for long-term gain.

Yes, crypto is legal here as long the services that offers it applies for license which is not that hard to get since regulators here doesn’t much care about crypto. Government here doesn’t care about crypto, not against nor pro so it’s pretty much you can apply for license easily. Law makers has their own personal agenda with their businesses instead of tackling thoroughly all important aspect of our country such as technology development such as Bitcoin.

This is indeed a great news since UB is one of the popular bank here due to it's convenient terms which you can open a bank account easily using your smartphone without any personal appearance in the bank. I'm surprised that this topic was posted here first in global.

aoluain

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Yes I think Banks are slowly softening their views towards Bitcoin, I'm not sure if "Adopt"
is a relevant description - yet.

Also I think when more institutional investments become the norm there will be more
acceptance from the banks. For example if and when Blackrocks ETF gets approved
it will be a game changer, not only for investors but also for the perception of Bitcoin
by other individuals and other institutions.

The thinking might be "if Blackrock can get a Bitcoin spot ETF it has to be something
to get into"

Latviand

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Quote from: blockman on September 19, 2023, 05:57:06 AM

This is from our country. I haven't gone through most of the details but for everyone's sake just to have an idea. Unionbank is a local bank here and they've been supportive of crypto. But there have been reports that when a customer deposits money that came from the source through crypto, they've put a red flag on it. A few crypto users and as well as depositors of that bank have posted it on social media before. While it is good to have another wallet and exchange here in our country. I can say that these wallet providers and exchanges here are becoming competitive because we're having a lot of options and that's in favor for us.

One of my friends got that exact problem with Unionbank too, deposited 20k USD worth in PHP then got flagged by the bank although to be fair with the bank, my friend quickly withdrawn the same amount so definitely it's understandable that it's flagged as suspicious, that was one of the reasons why that friend stopped using Unionbank, plus there are other online banking much better than Unionbank now so it's not that big deal that UB plans to accept bitcoin trading or crypto.

2double0

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It's October btw (FTFY).
I'd honestly not go for such options because it'll expose us to the government as all this is being done just to snatch away our freedom of preserving our financial responsibility on our own. Banks will surely give our data to income tax and governments and if you come from a country where huge taxes have been levied on your profits, then I am sure you will not go for this.

avikz

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Quote from: coin-score.ai on September 19, 2023, 03:49:14 AM

What is your opinion, do you think that banks are slowly starting to adopt Bitcoin?

Source:
https://cointelegraph.com/news/union-bank-of-the-philippines-launches-bitcoin-and-ethereum-trading

Good! Some banks have slowly started to understand their path of survival and getting into crypto market for good. I am sure, a lot of other banks will join the bandwagon in coming months and years.

Banking business directly contradicts with the cryptocurrency structure. Also banks are seeing the interest around this area so they are stepping up to get into this market as a future survival strategy. Net positive!

gunhell16

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Quote from: coin-score.ai on September 19, 2023, 03:49:14 AM

What is your opinion, do you think that banks are slowly starting to adopt Bitcoin?

Source:
https://cointelegraph.com/news/union-bank-of-the-philippines-launches-bitcoin-and-ethereum-trading

As far as I know, some banks in the Philippines are exploring the adoption of Bitcoin and Ethereum, but they have not yet implemented them in their services, as far as I understand. Except for other wallet apps such as Gcash, Maya, and Coinsph, when you use them, you can buy Bitcoin, Ethereum, and other cryptocurrencies.

And the only thing I know that is really open to Bitcoin and Ethereum is Unionbank. So if we talk about whether Bitcoin is actually accepted by the banks here in the Philippines, there is nothing clear about that because it is still being studied by other banks that are already planning adoptions here. But there are Crypto-Friendly’ Banks and Financial Institutions in the Philippines

Yamane_Keto

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My impression changes according to the type of service. If it keeps Bitcoin in a safe place for investors and gives them certificates or access in their banking services without the possibility of withdrawing to their wallets, then this type of adoption is bad because it exposes investors to risks. However, it is not possible to guarantee that these banks actually bought Bitcoin.
If it is possible to withdraw currencies to wallets, I think it is a good adoption and better than centralized exchanges that do not guarantee anything to customers, with a high possibility that you will be scammed.

Quote from: leonair on September 19, 2023, 04:12:37 AM

Where you got this information? Union Bank doing there business on Bangladesh and bitcoin is still illegal on Bangladesh so it is not possible yet to accept bitcoin trade on Union Bank. i am not sure they can accept bitcoin trading Because i didn’t get any news about it. before posting a new information you should post a source link where you got the information.

Different bank branches in different countries adhere to the standards of those countries, you may find that they accept the service in one place and reject it in another place according to those standards. This does not prevent the Philippine branch from providing the cryptocurrency service and that it does not exist in Bangladesh.

blockman

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This is from our country. I haven't gone through most of the details but for everyone's sake just to have an idea. Unionbank is a local bank here and they've been supportive of crypto. But there have been reports that when a customer deposits money that came from the source through crypto, they've put a red flag on it. A few crypto users and as well as depositors of that bank have posted it on social media before. While it is good to have another wallet and exchange here in our country. I can say that these wallet providers and exchanges here are becoming competitive because we're having a lot of options and that's in favor for us.

Odohu

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This is good news for Bitcoin. It is now obvious that a lot of institutions are working out ways of embracing Bitcoin as has been shown by PayPal and now Union Bank. In the shortest time, many will join because like it is always said, "if you can't beat them, join them"

Even though this is just in the Philippines, I'm confident it will expand to other countries. This will surely drive more innovations that will lead to Bitcoin integration into many businesses.

JunaidAzizi

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Quote from: coin-score.ai on September 19, 2023, 03:49:14 AM

What is your opinion, do you think that banks are slowly starting to adopt Bitcoin?

Source:
https://cointelegraph.com/news/union-bank-of-the-philippines-launches-bitcoin-and-ethereum-trading

I checked your link and saw that the union bank along with the partnership with Swiss Technology started adopting bitcoin and Ethereum. But they mention that this service is limited to the philippine. If we think about what should force the banks to support Bitcoin then I found that both the bank and Bitcoin are the opposite of each other, bitcoin is decentralized while banks are central with one authority. the only reason for Bitcoin is for their own interest. They know the world is going to adopt Bitcoin and it will be beneficial so they started this through they also take most of the benefits from it.

But I am confused maybe it is valid or not if banks hold bitcoin, will it affect the decentralized nature of bitcoin or not banks are centralized and when they hold bitcoin they have some control over it this is my thought and I don't know is ture or not.

Bureau

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Quote from: Coin_trader on September 19, 2023, 04:06:02 AM

Atleast provide the source for this news since this is not global but rather only for Philippines. You can use this https://cointelegraph.com/news/union-bank-of-the-philippines-launches-bitcoin-and-ethereum-trading as source so that your reader will have an idea about what you are talking about.

Unionbank is known as the pioneer bank that embrace crypto. They also offers different courses that related to blockchain. This news is long waited by Filipipino consumer that involves to Bitcoin since we can by directly using our UB account.

It's important to mention that only selected retail can use this feature since this is just on a pilot program. It's still a great news and thanks for sharing.

Does this news mean that cryptocurrency is now legal in the Philippines? I am sure that all banks in any country are governed and regulated by a central bank. In the Philippines Central Bank of the Philippines does that job. If a bank is now offering crypto service then it does look like they have got permission from the Central Bank.

This is a piece of good news for the crypto community. It makes life easier for those who are into crypto trading and also those who want to hold Bitcoin and other crypto for long-term gain.

Sim_card

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Quote from: coin-score.ai on September 19, 2023, 03:49:14 AM

What is your opinion, do you think that banks are slowly starting to adopt Bitcoin?

Source:
https://cointelegraph.com/news/union-bank-of-the-philippines-launches-bitcoin-and-ethereum-trading

Banks are finding all means to always be in custody of people's funds. Banks like to be in charge of holding peoples money and using in for business. They have seen that bitcoin wants to deprive them of this, and it will make them run out of business in the nearest future. This is why they have started coming up with motives of accepting crypto trading so that you can buy your bitcoin from them and they will claim that banks is the safest place to store your coins. This will give them the power to be in custody of many customers crypto assets. Trying to turn bitcoin as if it is safe in a centralized system. Also they are business people and they are after profit making and not putting customers interest first. It is good to see banks accepting crypto trading but so many people that will buy bitcoin through banks might end up not being in self custody of their funds.

Nwada001

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Quote from: coin-score.ai on September 19, 2023, 03:49:14 AM

What is your opinion, do you think that banks are slowly starting to adopt Bitcoin?

I don't think that banks are starting to adopt bitcoins. What I know is that banks are looking for means to increase their earnings, means to continue keeping their customers, and ways to make sure that they fit in with the trends. Those are just what they are after; they are after what can come in their pocket and not what can benefit their customers.

What we should ask is: What are they bringing to the table that's not already theirs? The answer is nothing; they just want to make it seem as if they are giving their customers the best of service, making their crypto purchase easier, but what they are truly doing is taking their own little percentage from every purchase and withdrawal you make, making sure they track the address where you will send the crypto from your bank to, as that will be essential for them to use and track your privacy bridge. They can also tax you, as they can use any means possible to trace your crypto profit, so if you are asking me, I will tell you that banks are expanding their budget for milking their depositors.

Majestic-milf

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Quote from: coin-score.ai on September 19, 2023, 03:49:14 AM

What is your opinion, do you think that banks are slowly starting to adopt Bitcoin?

Source:
https://cointelegraph.com/news/union-bank-of-the-philippines-launches-bitcoin-and-ethereum-trading

A welcome development and if you ask me, it's a good thing banks are coming round to accepting that fiat can not be really relied on for innovation so the best thing is to include crypto services.
The Bank of Philippines started paying close interest towards digital currencies in 2018 when they disclosed their plans of offering the country's first Blockchain payment system for business called B2B Connect.
On a daily basis people are discovering the limitless possibilities Bitcoin can offer and I'm glad that the Philippines are not bottlenecks will let such opportunities pass them.
BTC rocks!!

SmartGold01

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Gradually most of the countries will turned massively to adopt bitcoin since few of them are already taking this moves and it shows a strong force towards achieving global adoption of bitcoin. But my thinking is if this is being carried out smoothly bank could actually have full control of people fund since the BTC is being deposited in their app and the app is controlled by their tech department meaning the government will still have all individual records and transaction. Likely all payments and transaction could be track and traced by bank or government this now gives a low credits to decentralized nature of bitcoin and it's holders, still it's better to buy with the app and then moved it to a noneconstudial wallet to automatically decapacitate the government from monitoring your transactions or trades within the user or holders of philippines.

Topic: UnionBank to offer Bitcoin trading on mobile app in Octomber - page 2. (Read 331 times)