Cryptocurrency ban from Norwegian Banks!
Cryptocurrency ban from Norwegian Banks powers more bank trouble which awaits the slow growth into society in Norway as a company using cryptocurrency is experiencing for their business ventures. This new article shares light on the current events.
Bitcoin Union suggests that Norwegian Banks are strangling an important industry when they are not offering business accounts to around 20 Norwegian Cryptocurrency companies. The banks themselves say that they fear that the currency can be used for economic crime.
SEE ALSO: NORDEA BANS CRYPTOCURRENCY FOR EMPLOYEES
Earlier this year, an estimated 200 000 Norwegians own Cryptocurrency.
This rising interest has again led to a market for mining the currency.
Marius Nesse has been doing mining as a hobby. Nå the self-proclaimed nerd wants to scale up and has joined forces with 9 others to start the company Bitnor.
The company got registered in Bergen in the Brønnøysundregister at the end of January. But then, they faced trouble.
We have been denied by several banks when we have tried to open a normal business account.
The account is needed if they are going to withdraw the funds they make on mining, for then, new investments.
I think Norway has a golden opportunity to be one of those that sits in the front of the technology. But if so, then we need to get people the permission to operate in the business itself, says Nesse.
The Bitcoin Union of Norway states that the Bergen company is not alone when it comes to meeting closed doors when approaching banks.
Vi has a list of around 20 companies which are not allowed to open an account, says leader Stephan Nilsson in Norway’s Bitcoin and Blockchain Union.
Nilsson states that Norwegian banks strangle an important industry when they refuse to give access to these new companies based on Cryptocurrency business.
Fear of Crime
The banks respond that they cannot accept money når when do not know if the money is laundered through criminal means or even terror.
DNB (Den Norske Bank, the Norwegian bank) state that they are positive to the blockchain technology which is behind the cryptocurrency, but that they also see a big money laundering risk tied to trading with cryptocurrency.
They have selected a restrictive attitude towards it so far.
We need to abide by a range of demands which will prevent economic crime.
This goes especially in regards to the money laundering directive which is to prevent money tied to criminal efforts is not dragged int to the legal economy, states economy advisor Vidar Korsberg Dalsbø.
Nordea (Another Norwegian Bank.) has taken the same restrictive road.
Cryptocurrency as Bitcoin is used to great extent as means of payment in criminal environments, especially on the dark web states Chief of communication Synne Ekrem to NRK.
Everyone gets the same.
Nilsson in the Norwegian Bitcoin and Blockchain Union feel that the bank’s attitude is destroying for new jobs in Norway. He says that there is a downside to using Cryptocurrency for criminal means when it is possible to track the transactions.