Sweden eyes entering the Bitcoin ‘digital arms race’
The proposal came from two Swedish Democrats, a party that is a key player in backing the Swedish ruling coalition and its minority government.
Two members of Sweden’s parliament, the Riksdag, have proposed that the country investigate establishing a strategic Bitcoin reserve to tackle inflation and diversify its holdings.
They also want the government to promise it won’t change the legislation governing the monetary policy of Sweden’s central bank, to show it doesn’t intend to introduce a digital central bank currency.
In their proposal to the Riksdag on Wednesday, Swedish Democrats Dennis Dioukarev and David Perez said that, given other countries like the US are already in the process of creating a reserve, Sweden should “participate in this digital arms race and join the growing group of nations that have accepted and recognized the potential of Bitcoin.”
Similar to the US, Dioukarev and Perez have floated the idea of funding the reserve through seized Bitcoin, but said the decision on which authority will manage the Bitcoin
$118,617
is an “open question,” for now.
Sweden doesn’t have any publicly listed Bitcoin holdings, according to Bitbo. However, in November 2024, the country introduced a law allowing authorities to confiscate luxury items, including crypto, even if they aren’t the target of an investigation.
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