In a step sure to spark controversy along with discussion, Nordea Bank has announced it will ban its employees from owning or trading in Bitcoin. The policy is seen by many in the classic banking environment as reasonable, since restrictions are often set on bank staff from engaging in a variety of risky financial pursuits. But Nordea runs something of a public relations risk by refusing to take on board the rapid pace of change that’s hit the world of finance and digitization. And the Nordic regulators who oversee the financial sector are in no rush to help the bank, essentially leaving it to the banks themselves to pick their policies. Sweden’s Financial Supervisory Authority spokesman Peter Svensson told Bloomberg that every institution would have to make its own decision on the matter. At the same time, the fact that Nordea had formulated a specific policy made it more likely the European Central Bank would have to step in. “With developments like this, it’s more likely that it will have to be discussed in the context of the European Banking Federation,” he told Bloomberg. Nordea’s Bitcoin policy goes into effect at the end of February, but employees will not be forced to forfeit or sell units acquired previously.
