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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. When the CEO of a top bank in the Philippines runs #Bitcoin miners at a business conference, you know we're headed in the right direction ;) pic.twitter.com/b7dzGMDXVa — Miguel Cuneta (@MiguelCuneta) May 18, 2018 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

Edwin Bautista, head of Union Bank of the Philippines, is a firm believer in cryptocurrencies and blockchain. He says his bank is considering the acceptance of Bitcoin and other virtual currencies as payment options. Union Bank of the Philippines is the only one of 10 banks in the country to have welcomed blockchain and cryptocurrencies, expecting them to play a major role in the financial market space. When asked why, CEO and president Edwin Bautista told Cryptovest, “It’s the future.” Bautista gave Cryptovest an exclusive interview on the sidelines of the launch event for XLOG, a homegrown blockchain-based logistics solutions platform. “We really do not know if cryptocurrency will be the future currency and replace fiat. No one knows for certain. But what if it would be? We have to keep an open mind about it. We cannot reject something just because we do not understand it,” Bautista said. Crypto payments At the same time, Bautista said Union Bank was considering accepting cryptocurre

Politics, race and religion could all be fair game for dinnertime conversation with John McAfee, but if you’re a blockchain skeptic, you might want to keep your mouth shut. Image credit: Anthony Kwan | Getty Images McAfee, the computer programmer and businessman behind the once-multibillion-dollar software company that bore his name, fiercely believes that cryptocurrency -- as well as blockchain , the technology that allows most cryptocurrencies to work -- will completely upend life as we know it. Blockchain is a platform that can securely verify transactions and identities through a network of multiple decentralized records. It’s a new way to interact with others because the platform can both securely verify who you’re doing business with and track the origin and path of whatever it is you’re exchanging. This is true whether you’re exchanging cryptocurrency (such as bitcoin), trading commodities such as soybeans or authenticating designer handbags. Over the past decade, a string of b

In the Philippines, Virtual Currencies has gained a lot of momentum in the past couple of years. The Bangko Sentral ng Pilipinas (BSP) has recognized the revolutionary potential of Virtual Currencies (VCs) for financial services and financial inclusion. The regulator has also taken steps to regulate the operations of VC Exchanges in the country (BSP Circular No 944, Series of 2017), like Coins.ph. IMAGE SOURCE: Business World In light of the recent surge in interest into Virtual Currencies, the BSP has issued a new advisory (as seen below) in which it outlines and cautions of the risks involved in Virtual Currency transactions and suggests security measures for VC users. "Virtual currencies (VCs) are seemingly gaining momentum in terms of usage as a medium for payment and remittances in the country. This is largely attributed to their ability to facilitate the movement of funds at a much faster, cheaper, and convenient way. While recognizing the potential benefits, the Bangko Se