Best Bank For Cryptocurrency Philippines: Over the years, cryptocurrency in the Philippines has become a hot topic. Interestingly as a fellow writer, I keep up to date with financial blogs across the Philippines, and I’ve noticed a trend developing. Certain banks, such as Security Bank, have increased their content on cryptocurrency, which shows that banks are taking cryptocurrency seriously.
But this leads to 3 big questions: What are the best banks for cryptocurrency in the Philippines? Are there any cryptocurrency-friendly banks in the Philippines? Finally, which banks accept cryptocurrency in the Philippines? Therefore today, we will be exploring these questions and more as we look into the best banks in the Philippines for cryptocurrency investors.
Best Bank For Cryptocurrency In The Philippines
Over the years, several mainstream banks in the Philippines have ventured into cryptocurrency. Unfortunately, it is not a straightforward process for banks, and therefore there are not many cryptocurrency-friendly banks in the Philippines; however, times are starting to change.
Union Bank in the Philippines is the latest bank to release plans for its cryptocurrency adoption. Their plans include offering trading services and other cryptocurrency services. If their plans are pushed through, Union Bank will be one of the Philippines’ best banks for cryptocurrency investors.
Though, depending on the demand for this service, it is likely the other mainstream banks will follow the direction of Union Bank. However, the good news for investors is that if you are looking to purchase cryptocurrency on an independent marketplace, you will be able to send your funds to the exchange from your bank without any problems.
Additionally, from research, many mainstream banks in the Philippines are not adopting cryptocurrency. Unfortunately, cryptocurrency adoption is very challenging, and there are many reasons why banks may or may not decide to offer cryptocurrency services.
Crypto-Friendly Banks In The Philippines
The term crypto-friendly banks in the Philippines is a general topic. Suppose you are looking for crypto-friendly banks to invest directly with the bank. In that case, you will find a challenging time as there are limited cryptocurrency services with most mainstream banks in the Philippines at the time of writing.
However, if you are looking for crypto-friendly banks in the Philippines because you wish to send money to an exchange, most banks offer this service.
Lastly, if you are looking for crypto-friendly banks in the Philippines because you are looking to send cryptocurrency to a bank in the Philippines, unfortunately, options are limited. As mentioned, Union Bank recently released plans to expand its operations in cryptocurrency, but this is not operational.
Therefore if you are looking to send cryptocurrency to a bank in the Philippines, you will first need to use an exchange to trade your cryptocurrency into Filipino pesos. You can send your Filipino pesos directly to your bank from the exchange. The same is true the other way around. In other words, at this moment in time, a cryptocurrency exchange platform is needed.
Banks That Accept Cryptocurrency In The Philippines
As mentioned above, most banks in the Philippines do not accept cryptocurrency at this moment in time. Therefore investors will need to swap cryptocurrency for Filipino pesos using a cryptocurrency exchange before sending their funds directly to their bank.
Several articles state that it is possible to send cryptocurrency to banks in the Philippines, such as Union Bank. However, this service is currently nonoperational (in the development stages). Therefore investors will need to use cryptocurrency exchanges to exchange their cryptocurrency for Filipino pesos.
Recently PayPal announced its cryptocurrency service. Unfortunately, at this time, investors cannot send or receive cryptocurrency. They can only buy cryptocurrency directly from the platform and hold it in their account. However, speculation has suggested that PayPal will likely increase its services, an alternative option for Filipino investors.
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