Largest bank in Denmark not a fan of crypto, but lets consumers use them anyway

While a growing number of private banks, central banks, and governments all over the world are adopting cryptocurrencies, Denmark’s largest bank won’t jump on the “craze” anytime soon.

Danske Bank recently released a statement clarifying its position on cryptocurrencies, saying that it still has doubts about these digital currencies’ “benefits.”

The bank has published a four-point notice where it describes specific reasons why people should be extra cautious about trading cryptocurrencies.

But the banking giant also made it clear that while it holds some doubts on crypto, it won’t take any actions to stop people from using them.

No crypto service

Danske Bank also said that it has no plans to introduce cryptocurrency-related services, but it won’t interfere with the transactions between its customers and crypto platforms.

In the statement, the bank said that deposits coming from crypto investments will be treated the same way as fund deposits from the bank and from other traditional investments.

It also added that it’s fine with Danske Bank-issued credit cards being used in the crypto trading platform, as long as the transactions are within the boundaries of the Anti-Money Laundering laws.

Not a fan

It is clear that the bank is taking a careful position on cryptocurrencies. It doesn’t present itself as an advocate, and not as an “anti” either.

There are four major reasons why Danske Bank is still cautious about cryptocurrencies.

First, it lacks transparency which would be beneficial for illegal activities. Second, they have a volatile nature. Third, they lack tight regulations. Finally, they have a negative impact on the environment.

 

Image courtesy of Cointelegraph News/YouTube

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