Danske Bank published a critical report about cryptocurrency

The largest Bank in Denmark Danske Bank has published a report criticizing cryptocurrencies in connection with the possible risks of their use and the lack of transparency.

Published in the Sunday paper
the Bank presented three main reasons why it is «negative» refers to the cryptocurrency, despite their growing popularity among consumers and investors.

The report says that since cryptocurrencies are not supported by the Central Bank, consumers and investors are almost not protected. In addition, the high volatility and lack of transparency in the mechanisms of price formation lead to a «very limited understanding» of how the market develops and what factors affect the price. And, finally, the lack of regulatory oversight means that cryptocurrencies are popular with criminals, the report said.

In this regard, the Bank, the report «strongly recommends that customers refrain from investing in cryptocurrency». The document also notes:

«For these reasons, we are unable to trade crypto-currencies on our trading platforms, however, we are closely monitoring the market and if it will become more transparent and Mature, we may revise our decision.»

Danske Bank notes that it also plans to buy financial instruments such as derivatives or exchange-traded notes (ETN), which are associated with the price of the cryptocurrency. However, all clients are still allowed to use their credit cards to buy cryptocurrency.

Earlier, representatives of Danske Bank a / s supported
the solution to Nordea Bank’s ban on the possession and purchase of cryptocurrencies employees of financial institutions and said that can take similar policy towards its personnel.

Despite skepticism about the cryptocurrency, Danske Bank favors the technology of the blockchain. Last year, the Bank participated
the blockchain-the project for syndicated loans, which was successfully completed in March 2017.

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