Union Bank of the Philippines is going to start offering cryptocurrency trading

[Yusra3]

Association Bank of the Philippines (UBP), otherwise called Unionbank, plans to offer cryptographic money exchanging and custodial administrations, Bloomberg detailed Thursday.Unionbank is one of the biggest general banks in the Philippines with more than $15 billion in resources under administration (AUM). The bank is one of the first monetary establishments in quite a while to embrace digital money.

Cathy Casas, top of the bank's blockchain and application programming connection point bunch, clarified that the normal Filipino financial backer as of now holds around 1% to 2% of their own resources in digital currency, as bitcoin. She added that assuming the business sectors are "steady," financial backers would hold somewhere in the range of 3% and 5% in 5 years.The Unionbank leader gauges that around 5% of the neighborhood populace has fiddled with digital currency.

 

[Alexandoy]

I am surprised with this news (if this is legit) because I know that that central bank is not recognizing digital tokens and crypto coins for investment purposes. Any bank that will deal with a transaction that is outside the activities of the license is required to get approval of the central bank. That is the beauty of the banking system here that it is under the guidance and control of the government. If only the crypto coin will be under the control of the government then I would say it is a legitimate financial commodity. Right now I do not know the standing or status of crypto coin with our central bank although I admit that there are many in our country who are dealing with crypto coins.

 

[sincerem]

When I saw the news here I was thinking about my own country's local baning institution. It's a pleasure to hear that philipinos banking institution have announced to bring cryptocurrency transactions in their banking system. They simply know the benefits with crypto that's why they missed out. I just hope the bank stays that way long time to offer crypto services to its customers who are deeply in love with crypto currency.