UnionBank, a large bank in the Philippines, plans to launch a new stable cryptocurrency so that local people can join the digital economy. The new token will be attached to the rate of the local fiat currency, the Philippine peso, and will be used for making daily payments and transfers.
At the moment, UnionBank experts are actively testing a new coin. It is worth noting that PHX is currently used by three other banks in the country:
- Progressive Bank
- Summit Rural Bank
- Cantilan Bank
Recall that earlier this month, UnionBank successfully completed the first cross-border money transfer from the Philippines to Singapore using blockchain technology. UnionBank spokesperson Arvie de Vera noted that PHX is an absolutely transparent and reliable transfer tool.
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