PNB BANKS IN THE PHILIPPINES CAUTIOUSLY LOOKING FOR CRYPTOCURRENCY TECHNOLOGY

A top official s of the said banks. vows to study bitcoins amids bangko central ng pilipinas. (BSP) accepting stance on #cryptocurrency
PNB Chair person Flor Gozon Tarriela said that they are looking at #bitcoins and #blockchain technology very cautiously but stressed the bank is not in to it yet. PNB will closely study the disruption going on the financial sector.
"We want to know about trends"
"we want to be aware of what is happenings"
"But us to our plans to venture"
we are not into it yet. said Tarriela,
adding that they are in the process of studiying it's dynamics and it's possible effects to the banking business

While it recognized the potencial benifits of virtual currencies as it facilitates the movement of the funds at a much faster,cheaper and convenient way, the BSP is equally cautious of the potential risk including illicit activities such as money laundering and terrorist financing.

to Maximize risk the BSP encouraged existing and prospective virtual currency user to deal only with BSP-registered virtual currencies exchange's to maintain only a sufficient amount of virtual currency enough to address transactions requirements.

The BSP warned that virtual currency user should properly secured their virtual currency holdings and observe security tips to protect the confidentiality and integrity of personal information and transaction details