Cryptocurrency has a strong future, says the Head of Union bank of Phillipines
The head of Union Bank of Philippines, Edwin Bautista, says that Crypto-currency has a strong future, and he is very bullish on Crypto acceptance. The Union Bank of Philippines is the only bank (out of 10 major banks in the Philippines) to openly support cryptocurrency.
On the exclusive launch of XLOG, a Blockchain startup from the Philippines which is working on Blockchain based Logistic Solution, Edwin in an exclusive statement to Cryptovest said:
“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”
Union Bank is one of the first banks who are considering to accept crypto-currency payments. The bank is currently working with Visa’s blockchain project to send money across banks, called B2B Connect.
Edwin Bautista also mentioned that the Union Bank have their own mining rig and they currently do Bitcoin mining. But he also mentioned that their Bitcoin mining operation is not profitable yet. He says that the biggest source of cost of Bitcoin mining is in salary and power consumption.
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