Union Bank of the Philippines (UnionBank), one of the leaders in digital banking in the country, said it is addressing a three-day systems glitch where its deposit and auto reversal system is not working.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier is looking into the ban
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno has assured clients of Union Bank of the Philippines (UnionBank) the bank’s systems glitch which left some funds “floating” will be resolved within the day, Saturday, June 12.
Diokno said that the bad outage since Thursday, June 10, ha
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Published May 7, 2021, 6:00 AM
The Bangko Sentral ng Pilipinas (BSP) is studying a cryptocurrency dispute mechanism and also assessing how issuing its own digital currency will address gaps in the digitalization of the country’s payments and settlement system.
BSP director Melchor T. Plabasan for the Risk and Innovation Supervision Department said the central bank could set up a cryptocurrency dispute body to settle any grievances or disputes arising from the exchange of digital currency such as bitcoin, but this will require prudent review and consideration.
“We are studying that,” said Plabasan during the BSP’s weekly online “GBED Talks” led by Governor Benjamin E. Diokno. “The dispute mechanism especially for cryptocurrencies has to be agile and technology-driven as well. But we have to carefully study that,” he added.