Swedish bank forbids 31000 employees from investing in Bitcoin or crypto

[Md Saad]

That's really a frustrating news for this platform, last a couple of days are not in favour of this blockchain system. the price is decreasing at a high rate, people are becoming afraid of this platform day by day. But time will change, I think most of the government are getting scared of this system but they don't declare it as an illegal activity they always say that it's too risky to invest.
So you must have to take a risk if you want to make a profit from your investment, I think this platform as risky as your profit. you will get also a large amount of money if you can overcome it.

[gabmen]

I don't think they have the right to tell people where to put their money in. Goes to show that some banks would go to such measures probably because they're afraid of bitcoin. I'm not sure if they can monitor every one of those 31000 employees if they want to invest in btc

[TheKeyLongThumbI]

Are they law? But I'm not surprised really because they might be felling they only have few days left reigning as the industry who controls the flow of money. If I'm in their place, I would also do such crazy things just to get rid of bitcoin.

[oddwh]

... And what will they do if you invest ? 

That's the kind of interdiction where everyone says "ooooh, such a bad news", and 3 months later, even employees themselves have forgotten about it.

[x8664amd]

Bitcoin is anonymous. There cannot tell if you have invested in the currency.

[ajjhu]

I think this is impossible. If a bank is illegal in doing so, they have no right to ask employees not to invest, and the investment is not illegal, at least not now. Investing in bitcoin is inherently anonymous and banks know how they can prove they infringe on your privacy if they know it.

[Scorpion]

Well this bank will someday fade in to obscurity because they're so thick skulled about accepting the new age of secure digital currency. It's just one bank though this probably does not represent the Swedish government or people of that nation.

[bug.lady]

I want to relay to

I am even wondering if this is even legal to begin with, no entity has the right to forbid anyone even if it’s their employees what to invest and what not to invest in. If the Banks have made their policy clear they can’t force its worriers on what to do.

and

I don't think they can actually forbid employees from owning bitcoins considering it's not even illegal there. I'm not familiar with their labor codes though but it would be ridiculous if they can fire employees over this.

Also, isn't Sweden also in the process of developing their own cryptocurrency? Guess this might have something to do with that.

The thing is that the basis behind some investing activities ban is not law per se but a company code of conduct. It may be considered unethical to engage in certain activities for employees of a company, even if they are perfectly legal. The forbidden activities may involve publicly promoting certain attitudes, activities being on the borderline of legal and illegal (like buying gifts for the company representatives you cooperate with) or certain investing activities.

I have seen such codes of conduct very frequently. Many friends of mine cannot engage in investing activities without having an explicit OK from the company for each investing case.

I think this is also the case here, in the story from this article.

[Jet Cash]

It's interesting that they say "investing" rather than "speculating". At least they recognise that Bitcoin is an asset and not just a method of gambling.

[Shreek]

this is a risk for people who have crypto or bitcoin in a country that does not support crypto or against crypto, they will always feel discrimination from all sides. as is the case in india. The Indian Government takes firm action against anyone who transacts with bitcoin or crypto. so, I think this is a big challenge.

[freightjoe]

Bank says its too risky the employees get involved in Criminal or unethical activities. Bank also encourages those who already have invested in crypto to sell.

I would assume this is a small attempt by the bank to help lowering the market price...


https://translate.google.com/translate?sl=sv&tl=en&js=y&prev=_t&hl=sv&ie=UTF-8&u=https%3A%2F%2Fwww.nyteknik.se%2Fdigitalisering%2Fnordea-anstallda-forbjuds-handla-med-bitcoin-6894565&edit-text=

Clearly they want employees with common sense

[freightjoe]

world is changing rapidly but banks are still in stoneage

The bank is clearly feeling some level of prudent responsibility unlike people in here

[lionheart89]

Bank says its too risky the employees get involved in Criminal or unethical activities. Bank also encourages those who already have invested in crypto to sell.

I would assume this is a small attempt by the bank to help lowering the market price...


https://translate.google.com/translate?sl=sv&tl=en&js=y&prev=_t&hl=sv&ie=UTF-8&u=https%3A%2F%2Fwww.nyteknik.se%2Fdigitalisering%2Fnordea-anstallda-forbjuds-handla-med-bitcoin-6894565&edit-text=

perhaps it is an attempt to prevent employees from losing their money, because bitcoin investment is very risky. besides that maybe Sweden is afraid of fiat money is replaced by bitcoin so as to make the state finance unstable.

[ilyashpakin2015]

Now a lot of people earn on the crypto currency invest in investing or earning in other ways.

[freightjoe]

Well this bank will someday fade in to obscurity because they're so thick skulled about accepting the new age of secure digital currency. It's just one bank though this probably does not represent the Swedish government or people of that nation.

It is the largest bank in Sweden, Finland, Denmark and Norway....

[InformerKin]

This doesn't suprise me at all. Banks are scared and will be scared of cryptocurrencies.  The fact is that keeping money on your local wallet is far more safe than in a bank these days.