Sweden gets into the global crypto interview. A daring new motion in parliament could quickly see the country establish a Bitcoin reserve as GLOABL interest rises.
Summary
- Legislers in Sweden have proposed to create a National Bitcoin reserve.
- The reserve would be financed with Bitcoin seized by law enforcement.
- The legislators are opposed to the establishment of a CBDC and tried to protect the legal status of Bitcoin.
- The proposal is expected to be assessed by the financial committee on 15 October.
Sweden may be closer to the integration of Bitcoin in his national reserves. On 1 October, the laws submitted a parliamentary motion that proposed the establishment of a strategic Bitcoin reserve. The movement The government calls on to explore the largest crypto -active as a cover against inflation and a tool for diversifying state resources.
To finance the reserve, the legislators for the use of Bitcoin (BTC) seized by law enforcement instead of allocating new funds. Last November, Sweden approved legislation, so that the seizure of luxury assets and crypto of persons who cannot justify their wealth cannot justify. To date, more than $ 8.4 million in such assets has been seized, thereby presenting a potential pool of capital for the reserve.
The proposal, established for assessment on 15 October, outlines to transfer these seized cryptocurrencies to the Riksbank or a designated authority, which bypasses traditional auctions. They added that this could strengthen the assets of the state, with the liquidity of Bitcoin, covered delivery and independence of central banks that offer a cover in addition to gold and foreign currency.
The legislators also called on the government to maintain Bitcoin’s legal status. The motion insists that no changes are made to the legal definition of Tender van Sweden and that a digital currency of the Central Bank (CBDC) should not be introduced under the Riksbank Act. The move, according to them, would strengthen the clarity for market participants and maintain the dedication of Sweden to financial openness.
The Crypto reserve plan of Sweden reflects the global trend
The newest movement builds on earlier efforts. In April, two legislators wrote a letter to the Minister of Finance Elisabeth Svantesson of Sweden, where he argues for a national strategy that embraces Bitcoin as part of the future financial planning of the nation.
The push comes in response to an emerging global trend. The legislators pointed to the United States, where a strategic Bitcoin reserve is already being developed. They noted that the Genius Act, recently by both the Senate and the House with dual support, offers a legal framework for such a reserve.
In the meantime, countries such as Finland, Kyrgyzstan, Ukraine, Kazakhstan and Brazil have also given an interest in creating their own strategic crypto reserves.
