The Philippine Unionbank Has Exposed Its Bitcoin (BTC) Mining Equipment - Coindoo

The Philippine Unionbank Has Exposed Its Bitcoin (BTC) Mining Equipment

Editorial Team Avatar
May 18, 2018
2 min reading time

Bitcoin continues to attract the attention of financial institutions. The largest bank in the Philippines has presented its Bitcoin mining equipment during a business conference.

This demonstration means a true evolution, considering that the country shows a major interest in the development of the crypto sector. Once the most important banker in the country invests in Bitcoin, we expect others to follow the wave.

The Philippines is an important player in the world’s crypto sector. The country has no difficulty in accessing crypto services, plus at all, the government has expressed its positive opinion about Bitcoin saying that it can be used for amnesty purposes.

Unionbank, the largest bank in the Philippines, has decided to expose its crypto mining equipment during a business conference. In such way, the country has shown its major interest in using cryptocurrencies, and especially in mining them.

It remains to be seen what next steps will be taken in the near future by Unionbank. The bank has confirmed that until today it has not been involved in the crypto mining activities. Their vision is that virtual coins will continue to exist and show a major interest for both small and large global businesses. More and more banks have implemented blockchain tech and cryptocurrencies within the company’s system. We can say that interest in cryptocurrency continues to grow.

Unionbank is known for the transparency of its services. This isn’t the first time the bank shows its interest in advanced technology, such as blockchain network and cryptocurrencies designed on it. At the beginning of 2018, the financial institution announced the launch of a blockchain-based payment system. The project was developed together with Visa. Even though that project does not involve using cryptocurrencies, it’s a worthy example that shows that the Philippines continues to invest in its technological development.

The Philippines have created for companies wishing to operate in the crypto sector an “economic zone“. This area encourages the provision of licensed services. Fortunately, the zone has attracted the attention of companies based especially in Japan, Malaysia, and Hong Kong. The economic zone provides an authorized environment for companies based on mining, ICO and exchange activities.

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