Cryptocurrency

Published on December 30th, 2019 | by Bibhuranjan

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No More Bitcoin for Nordea Bank Employees Experts Question the Motive

It isn’t effortless whether to make out the exact reasons for Nordea Bank banning its employees to trade in Bitcoin and other cryptocurrencies. Fortunately for employees, this was upheld by a Danish court earlier this year. Nordea has now stated that employees can keep any of their existing cryptocurrency holdings. However, they encourage employees to sell them. People are wondering how this will impact bitcoin halving 2020 odds.

Law Suits

Denmark’s financial industry union filed a lawsuit against Nordea Bank’s prohibition of cryptocurrency in 2018. The union thought that this was unacceptable and interfered with the lives of employees. The bank was concerned that employees could get mixed up with certain unethical and nefarious activities relating to bitcoin, but the union was dead against this. The bank stated that crypto markets, although unregulated, are not transparent and that this would increase the risk that investors could unwillingly get involved in illegal activities. It looks as though the Danish court was in the union’s favor when they made their decision.

Was it right for the bank to do this?

Despite being intrusive, this seems nothing out of the ordinary. Many cryptocurrency exchanges have prohibited their employees from making cryptocurrency purchases. It concerns even the currencies that aren’t out yet, such as Facebook’s Libra. Often specialized staff in large financial institutions, such as commodity traders, are restricted for the transactions they can make using bitcoin. This sort of prohibition is not unique.

Many people are wondering how their employer can restrict actions that an employee makes outside their working time. How can cryptocurrency transactions impact on the bank? These questions need to be answered.

Private activities can have a negative outcome for banking jobs. The impact on clients is what matters. For example, if an employee of a bank arrested for carrying out financial fraud in a special way, this can severe negative impact on banking client confidence. It is what Nordea argued in their court case.

Bitcoin halving and the future

So what is bitcoin halving, and is it likely to happen soon? Everybody is wondering about the next bitcoin halving dates and the impact that court cases like this could have on bitcoin halving. It is tricky to see what the effects will be. However, things have been shaken up in general.

The cryptocurrency industry is moving more steadily towards more significant regulation, transparency, and oversight. Many people think that this makes it difficult for banks such as Nordea to argue their case. People are within their rights to make transactions. However, it does seem a bit strange to limit and employ personal operations outside the workplace. If more organizations were to carry out rulings like this, it could bring about the next bitcoin halving. Uncertainty is not what bitcoin owners will want to bear – the more difficulty, the closer the bitcoin halving countdown will be!

Concluding remarks

The Danish court decision is most likely to be appealed by the bank. Many people think that the ban will be impossible to enforce; however, it has undoubtedly made things tricky. Whether or not Nordea has overreacted, for the time being, the decision has been legally executed. There is so much going on, such as Facebook bringing about a new cryptocurrency called Libra. It’s a tumultuous time! With all the latest news – changing digital architecture, libra coin announcement, and now this bank ban, who knows what the future will hold for crypto!

When is the next bitcoin halving, in your opinion? Has this bank changed the course of bitcoin halving dates history? Please tell us what you think in our comments section below.

Our Author:

Thomas Glare loves all things to do with cryptocurrency. He is currently writing a crime detective novel based on bitcoin’s future. He has written countless articles about cryptocurrency, and there’s even published a blog post entitled “How to invest in bitcoin“.

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About the Author

Bibhuranjan

Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.



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