• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Breaking News: Tether Announces Strategic Partnership To Combat Stablecoin Misuse
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Bitcoinist.com
No Result
View All Result
Breaking News: Tether Announces Strategic Partnership To Combat Stablecoin Misuse
covid-19 central bank crypto

COVID-19 Pandemic Could Speed Up Central Bank Crypto Adoption

Anatol Antonovici
by Anatol Antonovici
5 years ago
·
Posted in News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The COVID-19 pandemic will bring the end of cash and speed up the adoption of digital banking services, including central bank crypto, according to Edwin Bautista, CEO of UnionBank.


Going Digital Is the Right Approach Amid Pandemic

In an interview with Euromoney, the head of UnionBank, the Philippines’ ninth-largest bank, said that this might be the beginning of the end of hard cash, at least for the Philippines, a country whose lockdown measures are challenging for the people living in over 2,000 islands. This is also difficult for the country’s central bank, which has to improve its ability to deliver banknotes to banks and ATMs dispersed across the islands. The most reasonable option is to bet on the digitization of the financial system to the point where people can use digital money for the day to day needs.

Bautista anticipates that ultimately the banks will be forced to test and issue digital cash and maybe even crypto. He said:

“One key realization here is that the longer the disruption, the more tenuous the traditional cash supply chain becomes. Thus I expect that banks will be more open to testing, developing and deploying digital cash and currencies, QR codes and maybe even crypto currencies and digital tokens.”

Bautista is proud that UnionBank is already among the most digitally advanced bank in the region. The bank launched several offsite command-and-control systems for its digital system and asked all non-frontline employees to work from home. Thus, 95% of the bank’s branches are currently open even though 75% of the staff is working remotely.

Last month, Union opened 7,000 new accounts that are fully digital, while 20,000 clients downloaded its digital app during the month. Last week, the company’s board members held their first fully digital meeting.

As for Filipino consumers, many of them turned to online banking given the current conditions.

Central Banks Might Speed Up Adoption of Central Bank Crypto

There is an increased fear of cash money even though it’s not clear whether they represent a real risk. In Singapore, the Monetary Authority of Singapore (MAS), which acts as the central bank and the main financial regulator, is encouraging the public to use online and contactless payments like crypto and wash the hands after touching cash.

Ultimately, central banks around the world could turn to blockchain-powered currencies or crypto. Earlier this year, Bitcoinist reported that several major central banks formed a group to test central bank crypto assets(CBDCs).

Do you think the world will turn cashless and move to crypto soon? Share your expectations in the comments section!


Image via Shutterstock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anatol Antonovici

Anatol Antonovici

Follow

Full Profile

Related Posts

Ceasefire

BREAKING – Iran-Israel Ceasefire Sparks Crypto Bounce–Details

2 weeks ago
trump

Trump: manovra da 3$ miliardi in Bitcoin

1 month ago
dogecoin rialzista

Dogecoin verso i 5$: ecco i 5 fattori rialzisti

1 month ago
Paul Atkins

Paul Atkins Sworn In As New SEC Chair, Vows New Approach To Crypto

2 months ago
Why Choosing the Best Crypto Marketing Agency in 2025 Is Non-Negotiable

Why Choosing the Best Crypto Marketing Agency in 2025 Is Non-Negotiable

3 months ago
crypto

Crypto Gets An Upgrade? Japan To Label It As A Financial Product

3 months ago
Please login to join discussion

Premium Sponsors

Press Releases

  • [Exchange Background] Kraken certified ETHRANSACTION cloud...

    4 hours ago
  • MiningToken Becomes the Most Profitable Bitcoin Cloud...

    5 hours ago
  • Crypto ETFs promote the development of cloud mining...

    6 hours ago
  • XRP Mining teaches you how to turn your cryptocurrencies...

    7 hours ago
  • Earn $2,750 a day through XRP and BTC? Ripplecoin Mining...

    7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.