Sweden is stepping into the global crypto conversation. A bold new motion in parliament could see the country soon establish a Bitcoin reserve as gloabl interest rises.
Summary
- Lawmakers in Sweden have proposed creation of a national Bitcoin reserve.
- The reserve would be funded with Bitcoin seized by law enforcement.
- The lawmakers opposed the creation of a CBDC, seeking to protect Bitcoin’s legal status.
- The proposal is expected to be reviewed by the Financial Committee on October 15.
Sweden may be moving closer to integrating Bitcoin into its national reserves. On Oct 1, lawmakers submitted a parliamentary motion proposing the establishment of a strategic Bitcoin reserve. The motion calls for the government to explore the largest crypto asset as a hedge against inflation and a tool for diversifying state assets.
To fund the reserve, the lawmakers propose using Bitcoin (BTC) confiscated by law enforcement rather than allocating new funds. Last November, Sweden passed legislation permitting the seizure of luxury assets and crypto from individuals who cannot justify their wealth. To date, over $8.4 million worth of such assets has been confiscated, presenting a potential pool of capital for the reserve.
The proposal, set for review by Oct. 15, outlines transferring these seized cryptocurrencies to the Riksbank or a designated authority, bypassing traditional auctions. They added that this could strengthen state assets, with Bitcoin’s liquidity, capped supply, and independence from central banks providing a hedge alongside gold and foreign currencies.
The lawmakers also called on the government to preserve Bitcoin’s legal status. The motion urges that no changes be made to Sweden’s legal definition of tender and that a central bank digital currency (CBDC) should not be introduced under the Riksbank Act. The move, they argue, would reinforce clarity for market participants and uphold Sweden’s commitment to financial openness.
Sweden’s crypto reserve plan mirrors global trend
The latest motion builds on earlier efforts. In April, two lawmakers wrote a letter to Sweden’s Finance Minister Elisabeth Svantesson, advocating for a national strategy that embraces Bitcoin as part of the nation’s future financial planning.
The push comes in response to an emerging global trend. The lawmakers pointed to the United States, where a strategic Bitcoin reserve is already being developed. They noted that the GENIUS Act, recently passed by both the Senate and the House with bipartisan support, provides a legal framework for such a reserve.
Meanwhile, countries like Finland, Kyrgyzstan, Ukraine, Kazakhstan, and Brazil have also signaled interest in creating their own strategic crypto reserves.
Source: https://crypto.news/sweden-lawmakers-push-for-national-bitcoin-reserve/
