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According to a report released by PhilStar Global on July 26, the new cryptocurrency PHX endorsed by the bank is being implemented on the i2i platform of the United Bank.
Rural banks and major financial networks in the Philippines
I2i is an "island-to-island", "institution-to-institution", "individual-to-individual" abbreviation, a joint Philippine Union Bank and A blockchain-based clearing system for rural banks.
Arvie de Vera, senior vice president of United Bank, outlined that the PHX issued by United Bank is intended to serve as "a stable value storage and exchange medium, a programmable generation with self-executing logic. Currency. It makes payments transparent and automatic."
According to PhilStar Global, three rural banks – Summit Rural Bank in Luzon, Progressive Bank in Visayas and Cantilan Bank in Mindanao – are already using PHX to make purchases, transfers, redemption transactions and on the i2i network. Domestic remittance and other operations.
Devilla added that the stable currency solves the reconciliation problem and simplifies auditing and compliance issues. Initially, i2i network participants can purchase the token directly through the debit card of the joint bank account.
PHX can also successfully convert the peso and then deposit the peso into the user's United bank account.
Digital inclusive finance
According to the report, United Bank issued the stable currency in response to the call by the Bank of the Philippines (Bangko Sentral ng Pilipinas) for the promotion of digital inclusive finance for the people and communities of the country.
Earlier this month, United Bank successfully completed a pilot cross-border remittance from the Philippines to Singapore using the i2i platform.
The plan uses blockchain technology to remit the legal currency and remit a sum of money from the Singapore Overseas Chinese Bank (OCBC) to an account holder of the rural bank Cantilan Bank. This is part of a bank's ongoing project to provide financial services to Filipinos without bank accounts.