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The Trading of Cryptocurrency Banned by Scandinavia’s Largest Bank

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Nordea, the largest bank of Scandinavia’s declared this week that the investment and trading in Bitcoins and other cryptocurrencies is now banned for its employees. This step is taken by the bank to ensure the protection of its employees. The bank wants to make sure that its employees do not get involved in any ethical or illicit activity either knowingly or unknowingly. Although, the rumours were already there in Denmark about the ban since the last week the announcement has now confirmed it. Initially, the bank declared the ban only for the employees who handle big clients. Later, the statement got updated for all 31,500 employees.

Stine Green Paulsen, the Director of Media at Nordea stated that the employees who already have invested in bitcoins would not be affected by the ban. But this instead puts an end to investing in more.

Despite of the fact that the move is a necessary piece of work done by the bank, some find it only a ruckus. Kent Petersen, Chairman Danish Financial Federation said that the ban is just stepping way out of line. Niels Mosegaard, Senior Consultant DJOF union also finds Nordea’s bank reasoning absolutely irrelevant. He argued that the employees should not be suspected of doing anything illegal on the basis of cryptocurrency investments.

The majority of Nordea’s employees are members of the two unions whose representatives are Petersen and Mosegaard.  So favouring their union members, Petersen and Mosegaard announced that if Nordea fired any of the employees for trading Bitcoin, they would not hesitate in taking a legal action.

As per the declaration, Nordea is planning to implement the ban on Bitcoin trading by 28 February. However, its acceptance by the employees and the world is still a fact to be seen.

 

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