As we have already mentioned
earlier this month, one of the largest European banks Nordea plans to upgrade the company’s policy to prohibit its employees to own or to trade cryptocurrencies. Recalling the risks and possible regulation, the Bank decided to act preventively.
By the spring of this year, the majority of the 31 000 employees Nordea Bank will have the right to own or sell cryptocurrencies, in accordance with Bank policy, to be adopted at the end of next month. Over the last few years, Nordea was one of the largest banks in Northern Europe, and its leadership openly declared their hostility to a decentralized cryptocurrency.
Two weeks ago one of the employees of the Bank told the media about a proposed ban on possession of crypto-currencies for the company’s employees. This week the Bank’s representatives have officially confirmed this information. Press Secretary Nordea told Reuters
email: «Risks are too high and lack of effective protection for both employees and the Bank.»
Employees who possess the cryptocurrency at the time of the ban, will not be obliged to sell it, but the Bank strongly encourages them to do it.
Representatives from Nordea, said: «given the high risks and in accordance with our role in the banking industry, we need to maintain high standards in all areas of our work. Therefore, Nordea does not support employees, investing in cryptocurrency».
While it remains unclear exactly how Nordea’s going to monitor the ban.
Danske Bank, one of the direct competitors of Nordea in Northern Europe, it seems, is going to make a similar decision:
«We are skeptical about the cryptocurrency and advise our employees not to trade them, but not officially forbid them to do it. We are currently analyzing the situation, and time will tell whether we will change its official policy,» — noted in Danske Bank.
Despite the resolute nature of the actions of the banks, some experts believe that it is the lesser of two evils, as such preventive measures can deter regulators from premature release regulations that can severely hinder the work of the industry.