Philippines' Largest Bank Issues its Own Crypto
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July 29, 2019
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UnionBank, the largest bank in Philippines, has just rolled out its own cryptocurrency, The Philippine Star reports. UnionBank has thus become the first financial institution in the country to launch a cryptocurrency and use it to carry out transactions.

The price of the bank's stablecoin, called PHX, is pegged to the Philippine peso. Arvie de Vera, senior vice president and head of fintech at UnionBank, said:

"PHX is a stable store of value, medium of exchange and is a programmable token with self-executing logic. It enables transparent and automatic execution of payments."

He said the PHX transactions have been carried out on the i2i platform that connects the bank with rural banks.

Since the PHX has been designed to be interoperable, it may be used in the future on various platforms and wallets, not only in Philippines but all over the world.

UnionBank partnered last year with ConsenSys to launch a blockchain-based pilot project focused on real-time retail payment processing.

Back in January this year Ihodl reported that the country had decided to put off ICOs' regulation.

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