Large European Bank Forbids its Employees to Hold BTC and Altcoins
In an unprecedented move, Nordea bank of Sweden has stated that they will forbid their 31,000+ employees to invest in bitcoin and other cryptocurrencies. The bank currently has a market cap of about 615G$ and operates in 19 countries. The bank is currently headquartered in Finland as they recently relocated after a scuffle with the central bank of Sweden over regulatory issues. In their official statements, Nordea cites the usual garbage such as financial risk, money laundering, criminal activity and conflict of interest as their reasons for the ban.
It is our assessment that the risks are too high, and that the protection is insufficient, both for the employees and for the bank - Afroditi Kellberg (Nordea)
Hmm... What about the fact that your low interest century loans have fueled a protracted inflation in the housing market in Sweden? With the housing prices having roughly doubled in five years, your financial products seem like risky investments to me - @mxcrypt
As an investor you lack protection against illicit business practices and money laundering - Afroditi Kellberg (Nordea)
Hmm... So your fiat is not used for criminal activity? And on money laundering - how about that heartwarming story from back in 2014. Remember when major Swedish banks including yours were implicated in that 20 billion dollar Russian money laundering operation? Have you "improved your processes" yet? - @mxcrypt
It is widespread practice across the banking industry to restrict the personal account dealing of staff to prevent them taking positions in speculative investments, or which might expose them to a risk of financial loss and therefore impact their financial standing. Nordea therefore, like all banks, has the right to set out policies in this area that apply to its staff. - Afroditi Kellberg (Nordea)
Hmm... Widespread practice to restrict the account dealing of staff? Is the money you pay your "employees" really their own? Or is that money marked for one of your ill fated financial instruments? I'm sure you wouldn't have an issue if they parked their earnings in one of your highly speculative derivatives - @mxcrypt
Lets the Cryptowars Begin ...
Apparently, the ban will come into effect on February 28th. Employees who have already bought bitcoin and other cryptocurrencies will be "allowed to keep them, though they are recommended to sell". The move from Nordea in this case is quite transparent as it aims to enforce the domain of the state as well as the concept of a centralized currency. It is interesting to note that just recently, the central bank of Sweden issued a statement that they are well on the way to issuing an e-kronor to replace the current currency.
This is a bold move from the power structure. In a grotesque violation of personal freedom, Nordea is telling its employees what they can and can't invest in with their own money. However, I only see this as a move of weakness for it exposes the vulnerability of the bank. History has taught us unilaterally that prohibitions are not effective, and we can be certain that this absurd employee ban will not stand the test of time.
In addition to weakening the position of the banking industry, cryptocurrencies are quickly coming into competition with legacy finance. Cryptocurrency offers unlimited flexibility within a framework of truly superior and expansive technology. Although we still have a long way to go (about 100 Trillion worth before we have won our first battle), this move shows that control is starting slip through the fingers of the political system.
Remember, now more than ever, that holding cryptocurrency is a political act. If you truly believe in decentralization, then HODL.
Confidence 5.0/5.0
@mxcrypt
Standard Legal Note
These solely my own ideas. This is by no means professional financial advice and I cannot be held accountable for any investment decisions undertaken by reading this article.
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News Link 1 (Nordea Bitcoin Ban):
News Link 2 (Nordea Bitcoin Ban):
News Link 3 (Nordea Bitcoin Ban):
News Link 4 (Sweden Looking to Issue e-SEK):
https://www.thelocal.se/20180115/sweden-predicted-to-become-first-country-with-own-cryptocurrency
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