Sweden is taking a step towards crypto, after it was announced that the Swedish parliament has started discussion on whether the country should set up a foreign exchange reserve based on Bitcoin.
On April 14, Swedish MP Dennis Dioukarev formally pressed Finance Minister Elisabeth Svantesson to consider adopting a national Bitcoin policy, echoing a recent move by the President of the United States, who signed an executive order to create a national Bitcoin reserve funded by crypto currency seized in criminal investigation.
In his formal question to Minister Svantesson, Dioukarev wrote
"This is a trend seen in many countries. Is this something that the minister and the government are considering?"
This is a bold move by Sweden, a country known for its conservative stance when it comes to its fiscal policies. Currently, Sweden is building their foreign reserve solely based on foreign currencies and gold.
Dioukarev's proposal follows a similar call from MP Rickard Nordin, who also called on Minister Svantesson to rethink Sweden’s conservative reserve policy and explore Bitcoin’s role in the nation’s finances.
Nordin emphasized Bitcoin's monetary characteristics, drawing parallels to gold and highlighting its existing use as a payment method and a hedge against hyperinflation in numerous parts of the world.
But interestingly, Nordin's proposal does not advocate for direct government purchase of Bitcoin. Instead, he suggested a budget-neutral approach by retaining Bitcoin confiscated by Swedish authorities, similar to what Trump is currently doing.
At a time where Trump has been desperately steering the country towards crypto and Bitcoin, the European Union is going into the completely opposite direction by steering far away from Bitcoin.
But there is a reason for this. The lack of Bitcoin-related statements may be a deliberate move by the European Union to give way for the launch of its digital euro, a central bank digital currency.
ECB President Christine Lagarde is currently pushing ahead with the digital euro's rollout, which she had revealed is expected to launch in October this year.
Lagarde has emphasised that the CBDC will coexist with cash and offer privacy protections to address concerns about government overreach.
While Europe debates, the US is forging ahead. President Trump’s administration has implemented sweeping crypto-friendly policies, including the creation of a national Bitcoin reserve, an executive order banning central bank digital currencies (CBDCs), and regulatory reforms at the SEC.
These moves have positioned the US as a global leader in state-level crypto adoption and have inspired lawmakers worldwide to consider similar strategies.
As global momentum for Bitcoin reserves accelerates, Sweden faces a critical decision: whether to join the ranks of nations leveraging digital assets for financial resilience, or to maintain its traditional, cautious approach.
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