A Swedish Member of Parliament has proposed incorporating Bitcoin into Sweden’s foreign exchange reserves, signaling a shift toward more openness to cryptocurrency within Europe, following similar actions taken by the United States.
Rickard Nordin, a Swedish MP, wrote an open letter to Finance Minister Elisabeth Svantesson urging her to consider Bitcoin as part of the country’s reserve assets. In the letter, filed on April 8, Nordin pointed out Sweden’s history of conservative foreign exchange reserves primarily made up of foreign currencies and gold. However, he noted that digital assets are rapidly evolving, with Bitcoin being viewed internationally as both a store of value and a hedge against inflation. Nordin emphasized that Bitcoin is already being used globally for payments and as a safeguard against rising inflation, as well as a critical financial tool for freedom fighters in oppressive regimes.
This move mirrors a recent decision in the United States, where in March, President Donald Trump signed an executive order to create a national Bitcoin reserve funded by cryptocurrency seized during criminal investigations rather than purchased from markets. The order allowed the Treasury and Commerce secretaries to formulate strategies for buying Bitcoin for the reserve without additional costs to taxpayers.
Additionally, the Governor of the Czech National Bank has also considered including Bitcoin in the country’s foreign reserves as part of a broader diversification strategy.
Despite the developments in the US, European lawmakers have largely remained quiet on Bitcoin legislation, especially with the growing focus on the digital euro, a central bank digital currency (CBDC). James Wo, founder and CEO of venture capital firm DFG, suggested that Europe’s silence might be due to its priority on launching the digital euro. He also pointed out that recent technical issues with the ECB’s Target 2 (T2) payment system raised concerns about the EU’s ability to effectively manage a CBDC.
ECB President Christine Lagarde is pushing forward with plans for the digital euro, expected to launch by October, ensuring it will work alongside cash and address privacy concerns by making it pseudonymous and similar to physical currency.
In contrast, the US has firmly opposed the creation of a US dollar-based CBDC, with Trump prohibiting its establishment, circulation, or use.
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