In the Philippines, Bitcoin & co. to establish itself increasingly in the banking sector. The Union Bank is now launching a private Stable Coin, called PHX. This is the first financial institution in the country, which makes payments based on the Blockchain technology. One of the largest banks in the Philippines, thus taking a pioneering role in matters of crypto-adaptation in the country.
From Polina Khubbeeva
30. July 2019BTC$9.616,00 decided 0.69%part Facebook Twitter LinkedIn xing mail
The Union Bank, a major Philippine Bank, the introduction of a private crypto-currency. Reports delivered at first, the Philippine Star, a national news media in the English language, on 26. July. The Stable Coin with coupling to the Philippine Peso is wearing, therefore the name of PHX. A transaction on the Basis of the new technological infrastructure has been in place, according to the research conducted by the Philippine Stars already.
Union banks PHX already in use
Accordingly, especially the connectivity of the Union Bank to the rural financial institutions on the i2i platform is used for the newly built Stable Coin. This is the head of the FinTech Business Group, Arvie de Vera:
PHX a stable store of Value, exchange medium, and a programmable Token with a self-running logic is explained. It enables the transparent and automated execution of payments.
Successful transactions with PHX seem to have already taken place. Three participants of rural banks on the i2i network, completed payment transactions. These institutions are the Summit, therefore, is Rural Bank in Luzon, a Progressive Bank in the Visayas, and the Cantilan Bank in Mindanao. Each of the banks bought, transferred and refunded amounts using the PHX-structure.
a Total of five national rural banking institutions are part of this project. With i2i processes are meant to be “Island-to-Island”, “Individual-to-individual dial” or “Institution-to-Institution”, i.e. the reciprocal Connections between similar parties. These are designed in the future, so using the PHX-technology easier and more efficient. According to de Vera, also of the Audit and Compliance also simplifies processes.
PHX is not the first crypto project of the Union Bank
The Union Bank of the Philippines Inc., the Union Bank is complete, count, meanwhile, the largest banks in the Philippines. She has excited in relation to Bitcoin & co. in the past, the focus of media attention. At that time, she established, in cooperation with the Philippine Central Bank’s ATMs for crypto-currencies. The PHX is a new Form of crypto-adaptation in a politically unstable country, whose economy is exposed to the risk of currency fluctuations.
turning to digital solutions for, these financial problems is for the government and private stakeholders in the country, however, as a lucrative means of financial control. Instruments such as the PHX have the Potential to stabilize the System and increase security, without compromising the political structures.
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