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Norwegian online bank integrates cryptocurrency accounts

Wednesday 17 May 2017 | 10:10 AM CET

Skandiabanken, a Norwegian internet-based bank, has added Bitcoin accounts to the company’s web platform.

As a result, the bank’s customers can access Coinbase accounts and members of the Norway branch can use the service to purchase Bitcoins via PayPal’s payment processor.

Skandiabanken conducts all of its services online and currently is a very popular internet bank in Norway, according to Bitcoin News. The bank believes customers will appreciate the new feature as it provides members with an overview of their digital investments. Initially the service will be offered only to Skandiabanken customers using the bank’s payment platform.

Currently, Norwegian tax officials classify Bitcoin as a property and according to the country’s Tax Act it is a taxable income. According to bank’s representatives, customers will be notified of these requirements if they decide to utilize the bank’s Bitcoin services.

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