Key Notes
- The proposal seeks to establish a Bitcoin reserve from seized crypto assets while explicitly rejecting digital central bank currency.
- Swedish Bitcoin Association chairman describes the parliamentary motion as a historic development for cryptocurrency adoption in Scandinavia.
- The initiative positions Bitcoin as digital gold and protection against potential disruptions to global financial infrastructure.
A pair of MPs from the Riksdag Party in Sweden recently introduced a motion asking the government to consider creating a Bitcoin
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reserve.
According to a Microsoft translation, the motion, if passed, would task the government with exploring the creation of a Bitcoin reserve made up of seized cryptocurrency funds. It calls for the establishment of a managing authority but leaves the question of which organizations or committees would fill that role open.
Sweden Eyes Bitcoin as Economic Shield
The motion also states that the Riksdag does not want the government to change the definition of legal tender in the Riksbank Act and thus does not want it to introduce a digital central bank currency or “e-krona.”
Ammy Edberg, the chairman of the Swedish Bitcoin Association, called the motion “historic” in a post on X celebrating its introduction.
Under the heading “motivation” the MPs referenced the US Bitcoin reserve being built as a result of the GENIUS Act which received support from democrats and republicans in both the US Senate and House.
The lawmakers position the strategic reserve as a bulwark against economic disruption, “digital gold,” and state that building a strategic Bitcoin reserve would position Sweden for a potential disruptive shift in the global financial infrastructure.
Global Race for Strategic Crypto Reserves Heats Up
Countries and businesses around the world are beginning to adopt Bitcoin and other cryptocurrency reserves at an increasing pace. As Coinspeaker recently reported, both Kyrgyzstan and the Philippines have recently advanced legislation to implement state crypto reserves.
On Sept. 23, The CfC St. Moritz digital asset conference established a Bitcoin reserve with Swiss-regulated digital asset banking group Sygnum Bank, committing 25% of its total treasury to the fund.
Meanwhile, US-based cryptocurrency exchange Coinbase celebrated an all-time-high for its Bitcoin, Ethereum
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, and stablecoin reserve on Sept. 19 when it reached a combined total of $112 billion, the highest it had been since November 2021.
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Source: https://www.coinspeaker.com/lawmakers-in-sweden-urge-government-to-create-national-bitcoin-reserve/
