Denmark’s Largest Bank Clarifies Its Opinion On Crypto

Copenhagen-headquartered Danske Bank A/S put their opinion regarding Cryptocurrency use in Denmark through an article. 

According to Danske Bank, They are able to understand the potential of Cryptocurrency use and also the innovation of blockchain technology use over cryptocurrencies are made.

On 18 June, 18), Copenhagen-headquartered Danske Bank A/S published an article to explain their point of view over Cryptocurrency and blockchain technology.

In the very starting of the article, Danske Bank explained the importance & values to use Blockchain technology & Cryptocurrencies which are based on blockchain technology.

“Cryptocurrencies represent a significant digital innovation in financial services and we recognise that there is a significant global market for crypto currencies and that many customers find cryptocurrencies interesting. At the same time, we see great potential in blockchain technology, which cryptocurrencies build upon.“

Then they explained why it is not possible to trade with Cryptocurrency at the Danske Bank platform. 

And also they explained why they are advised about Cryptocurrency investment/use time in the form of warning.

  • Investment in Cryptocurrency is not fully transparent and not easy to avoid the illegal activities that are going on. Any person can go through anti money laundering without knowing.
  • Investment in Cryptocurrency is only partially regulated by financial institutions. But the risks or scam involved in the Cryptocurrency can’t be controlled or regulated fully according to current situation rules.
  • Prices of Cryptocurrencies are highly volatile. And these fluctuations may result in big losses for people.
  • Transactions of funds with the help of certain cryptocurrencies are very costly from the point of consumption of energy. Bitcoin is an example.

At the end they explained that they are with the need of Cryptocurrency users. They will not block any type of transactions related to investment in Cryptocurrency. 

But they will follow the laws of anti money laundering. And they will try their best to stop Money Laundering activities through possible applicable laws.

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