While some banks are going all in to cryptocurrencies, some are taking a negative stance against them. But Danske bank has taken a neutral stance for crypto trading. They have announced that the bank won’t block credit or debit cards used for crypto trading. Unlike Indian banks, it will also allow deposits related to crypto so exchanges can easily work with them. But to be on the safe side, they are proceeding with caution.
Danske bank on crypto
The bank has addressed the fact that Bitcoin and Ethereum are getting serious attention from investors. And hence when inquired about their stance on crypto, the bank gave a statement. They said that crypto is a big innovation in the digital finance sector and blockchain has great potential too. But due to its volatility and other associated risks, the bank has decided to proceed with caution.
The bank feels that it is difficult to avoid the potential criminal and money laundering problems that come with Danske. Investors don’t always have a proper insight into the market when dealing with crypto. And since the market is not properly regulated, customer protection is scarce in the market. Just a few days back, we saw that Titan token a DeFi application went from $60 to $0 in under 14 hours.
Their stance
Danske is not very in favor of cryptocurrencies because they have advised investors against it in general. In fact, their platforms also don’t have any support for trading cryptocurrencies or anything based on them. But the bank doesn’t say that they don’t want anything to do with it whatsoever. They made it clear that if the markets get regulated, and there is any significant development in the space, they will review their position.
But Danske bank acknowledges that the money in their bank is users’ money. And they can do whatever they want with it. So, they are not blocking and accounts or cards in association with crypto. And any deposits that are related to crypto in any way will be treated just like normal deposits.
What are your thoughts on the neutral stance of Danske bank regarding cryptocurrencies? And do you think that others banks should also take such a position? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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