Sweden is entering the global crypto dialogue. A bold new proposal in parliament may soon lead the country to establish a Bitcoin reserve as international interest surges.
Summary
- Swedish lawmakers have introduced a proposal to create a national Bitcoin reserve.
- This reserve would be financed using Bitcoin seized by law enforcement agencies.
- The lawmakers oppose the establishment of a CBDC, aiming to safeguard Bitcoin’s legal standing.
- The Financial Committee is set to review the proposal on October 15.
Sweden might be on the verge of incorporating Bitcoin into its national reserves. On October 1, lawmakers presented a parliamentary motion advocating for a strategic Bitcoin reserve. The motion encourages the government to consider the largest cryptocurrency as a safeguard against inflation and an avenue for diversifying state assets.
To fund this reserve, lawmakers propose utilizing Bitcoin (BTC) that has been confiscated by law enforcement rather than sourcing new funds. Last November, legislation was enacted allowing the seizure of luxury assets and cryptocurrencies from individuals unable to justify their wealth. To date, assets exceeding $8.4 million have been confiscated, creating a potential capital pool for the reserve.
The proposal, set to be reviewed by October 15, suggests transferring these seized cryptocurrencies to the Riksbank or a designated authority, bypassing conventional auctions. Lawmakers believe this could bolster state assets, as Bitcoin’s liquidity, limited supply, and independence from central banks create a protective measure alongside gold and foreign currencies.
Lawmakers also urged the government to maintain Bitcoin’s legal status. The motion insists that no alterations should be made to Sweden’s legal definition of tender, and advocates against introducing a central bank digital currency (CBDC) under the Riksbank Act. They argue that this would enhance clarity for market participants and uphold Sweden’s commitment to financial transparency.
Sweden’s crypto reserve initiative aligns with global trends
This latest proposal builds on previous efforts. In April, two lawmakers addressed a letter to Sweden’s Finance Minister Elisabeth Svantesson, promoting a national strategy that incorporates Bitcoin into the country’s future financial planning.
The initiative arises in response to a growing global trend. The lawmakers highlighted the United States, where efforts to develop a strategic Bitcoin reserve are already underway. They referenced the recently passed GENIUS Act, which provides a legal framework for such a reserve with bipartisan support.
Additionally, countries like Finland, Kyrgyzstan, Ukraine, Kazakhstan, and Brazil have expressed interest in establishing their own strategic crypto reserves.
