Reports showed on 22nd January that Bitcoin and other cryptocurrencies have been trading 10-23% lower as news of tighter and more restrictive legislation is announced.

Nordea, one of northern Europe’s biggest banks, issued a notice to its workers informing them they are not permitted to trade bitcoins or other digital currency as a direct result of the lack of legislation. In December 2017, Casper von Koskull, the bank’s Chief Executive Officer, described Bitcoin as absurd and argued that there was a huge amount of evidence that connected Bitcoin with financial crime. He did, however, admit that the blockchain tech behind it was “vital”.

This latest news comes as many nations have been attempting to clamp down on cryptocurrencies with tighter regulations. China is said to be implementing tougher legislation against digital currency, and Bitcoin also faced pressure from officials in Brazil. Furthermore, an investigation into Bitcoin has also begun in Bali.

President of Singapore\'s Castle Family Office, Eldiyar Muratov explained that anonymity is seen as the biggest benefit of bitcoin as it results in independence for its users. However, he also warned that officials want to regulate cryptocurrencies and take away this main advantage.

Reports showed on 22nd January that Bitcoin and other cryptocurrencies have been trading 10-23% lower as news of tighter and more restrictive legislation is announced.

Nordea, one of northern Europe’s biggest banks, issued a notice to its workers informing them they are not permitted to trade bitcoins or other digital currency as a direct result of the lack of legislation. In December 2017, Casper von Koskull, the bank’s Chief Executive Officer, described Bitcoin as absurd, and argued that there was a huge amount of evidence that connected Bitcoin with financial crime. He did, however, admit that the blockchain tech behind it was “vital”.

This latest news comes as many nations have been attempting to clamp down on cryptocurrencies with tighter regulations. China is said to be implementing tougher legislation against digital currency, and Bitcoin also faced pressure from officials in Brazil. Furthermore, an investigation into Bitcoin has also begun in Bali.

President of Singapore\'s Castle Family Office, Eldiyar Muratov explained that anonymity is seen as the biggest benefit of bitcoin as it results in independence for its users. However, he also warned that officials want to regulate cryptocurrencies and take away this main advantage.