The Philippine National Bank’s (PNB) chairman Ms. Flor Gozon Tarriela shared that the bank is interested in studying the blockchain as one of the ways to improve banking.
Ms. Tarriela said that PNB is cautiously studying the blockchain but also mentioned that the bank is not into it yet. It is part of the bank-wide initiative to closely study the disruptions happening in finance. The bank wants to have an open mind on the emerging trends and whether it can be applied.
In a previous event, major banks in the country reiterated their interest in the blockchain. Banco De Oro (BDO) president Nestor Tan shared how the new technology can improve the banks’ efficiency. Bank of the Philippine Islands (BPI) chairman Jaime Augusto Zobel de Ayala thinks that in the future, transactions will happen and be recorded in the blockchain.
Union Bank used blockchain technology to connect rural banks to its system.
But while there is interest in the blockchain, banks are still very cautious of cryptocurrency. BPI president Cezar Consing cites bitcoin’s volatility as a key reason. Because of volatility, Mr. Consing shared that it will prove difficult for cryptocurrencies to replace fiat for now.
The Bangko Sentral ng Pilipinas (BSP), on the other hand, is working with key cryptocurrency and blockchain players in the country to come up with ways to regulate the space.
- Read more: BSP: Bitcoin not for Amateurs
It was previously reported that out of 100 million Filipinos, only 44 million keep their money in banks.