Bitcoin is an “absurd” construction

Nordea’s CEO Casper von Koskull has called Bitcoin an “absurd” construction that defies logic although says its blockchain technology is “vital”, in an interview with Bloomberg. “When you look at Bitcoin, history shows that new currencies have come and gone.” He cannot see where Bitcoin fits in in terms of financial crime and rules. “The financial system is only as strong as its weakest link,” he adds.

On Tuesday it was reported that Nordea and several other big foreign banks are investing in a platform for blockchain technology that is to make trade easier and which is to be accessible to their customers across all the Nordic countries. Nordea is becoming a partner in the consortium We.trade, which together with IBM is developing the platform.

It is expected to be launched in the second quarter of 2018 and other banks will be able to join the open platform.