Bitcoin and other cryptocurrencies have sparked many different debates. Not everyone likes the concept of this new form of money. Nordea Bank is making a radical decision in this regard. The Danish financial institution wants to bar employees from using or owning Bitcoin. This rule is set to go into effect by February 28. It isn’t surprising this proposal meets a lot of resistance already.
It is evident Nordea Bank wants no association with Bitcoin or other cryptocurrencies. This is a very interesting albeit fruitless stance in the long run. Prohibiting clients from buying or selling Bitcoin is one thing. Forcing employees to liquidate all of their holdings if they want to keep their job is something else entirely. This sets a very disturbing precedent and will only cause unnecessary friction. The Danish labor union has already filed an official complaint with the government.
Nordea Bank Goes Down a Slippery Slope
Although it is doubtful people will effectively boycott Nordea Bank, this decision raises a lot of questions. It is the prerogative of staffers to hold any form of investment vehicle they like. Bitcoin poses no real threat to this bank unless they really want to irk the cryptocurrency as a whole. It is possible we may even see a lawsuit against Nordea Bank if they decide to go ahead with this idea. Firing employees because they own Bitcoin is by far one of the most ridiculous things in recent history.
According to the bank, their decision is more than fair. They prevent employees from participating in an unregulated market. Doing so can be considered to be a criminal offense, despite the clear lack of Bitcoin regulation in Denmark. If it isn’t deemed illegal by the state, it’s legal to do. Owning and investing in Bitcoin is perfectly acceptable in Denmark right now. There is no reason to think that will change. In fact, Nordea Bank may achieve the opposite effect by taking this disturbing course of action.
It is evident Bitcoin and other cryptocurrencies will spark debates for some time to come. This particular course of action by Nordea Bank is absolutely unacceptable. It makes no sense to fire local employees because of their own financial preferences. If they were actively selling Bitcoin to bank customers, that would be a completely different story. It will be rather intriguing to see how this situation evolves in the coming weeks.
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