News article in McDonald’s website confirms that after more than 30 years of operations in the country, McDonald’s Corporation...


McDonald’s To Exit from Russia after 30 Years of Service in the Country

The dollar slipped against other major currencies for a third straight day on Tuesday, tempering a long rally as investors cashed out and trimmed bets on U.S...

Stock Markets

Dollar Slipped against other Major Currencies as Focus turns to Growth

Asian shares rise on Tuesday, boosted by technology majors, as hopes expectation grow for an easing of China's regulatory crackdown on...

Stock Markets

Asian Shares Rise on High Expectation of Easing China Tech Crackdown

On Friday, Elon Musk revealed that his $44 billion takeover deal for Twitter Inc. has been put “temporarily on hold”, triggering a share plunge...

Stock Markets

Musk’s $44 Billion Twitter Acquisition Deal ‘on Hold’ Causing Shares to Plunge

His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of the United Arab Emirates and Ruler of Abu Dhabi, has passed away on Friday, May 13, aged 73...


RIP: UAE’s Sheikh Khalifa Bin Zayed Al Nahyan Passes Away


20 Jan 2022

Philippine Bank to Launch Crypto Trading Service

Philippine Bank to Launch Crypto Trading Service

The Index Today

Union Bank of the Philippines plans to offer trading and custodial services for cryptocurrencies to capitalize on fast adoption of digital tokens in the Asian nation, confirmed by the Bloomberg news.

Cathy Casas, head of the bank’s blockchain and application programing interface group said that the average Filipino investor will likely hold 3% to 5% of their personal assets in digital assets like Bitcoin in five years assuming markets are “stable,” up from around 1% to 2% now. Many crypto investors are young people, some of whom earn tokens from play-to-earn virtual games, she added.

“It’s a way to future-proof our banking business,” Casas said in an interview.

Casas estimated that there is about 5% of the local population have dabbled in cryptocurrencies. That’s in line with the global average, according to an estimate from Binance Holdings Ltd., operator of the world’s largest cryptocurrency exchange.

However, Philippine central bank Governor Benjamin Diokno seems to be against with the mentioned plan as he has cautioned the public against cryptocurrencies, saying they could “pose a danger to the financial system” as they are “very vulnerable” to illicit activities like money laundering and terrorist financing.