The two members of the Swedish parliament who have made the call for the creation of a Bitcoin national reserve are the latest European countries to push to include Bitcoin in its holdings.
It is important to note that the word “you” means “you”. motionThe Riksdag is asked to investigate how and by whom a Bitcoin Reserve could be created.
“By building a strategic bitcoin reserve, Sweden is positioning itself for a potentially disruptive shift in the global financial infrastructure,” The motion was made.
Legislators also called on the government to ensure that the definition of legal currency under the Riksbank Act — a move that would rule out a Swedish central bank digital currency.
“The Riksdag supports what is stated in the motion that the government should declare that it does not intend to change the definition of legal tender and announces this to the government,” The motion was made.
Dioukarev & Perez’s proposal framed Bitcoin as “digital gold” This could be used to supplement Sweden’s current reserves of gold, foreign currency and other currencies.
Bitcoins unique benefits of diversification are attributed to its fixed supply, independence from monetary policies and state-free status.
Sweden’s interest in Bitcoin
As countries across the globe reassess their approach towards cryptocurrencies, this idea has been conceived. The U.S. President Donald Trump issued an executive order in January this year to create a federal Bitcoin Reserve, largely funded by confiscated digital assets.
Finland and United Kingdom have amassed Bitcoin through seizures. Meanwhile, Poland, Latvia, and Czech Republic consider whether they should create their reserves.
According to Bitbo, Sweden does not currently hold bitcoins publicly. By transferring bitcoin seized into the state’s custody, lawmakers suggest that this new framework can provide an affordable way to fund a reserve.
El Salvador and Bhutan have been early adopters of bitcoin reserves, while at the subnational level, several U.S. states — including Texas, Arizona and New Hampshire — have passed laws to establish their own holdings.
Binance has recently helped Kazakhstan launch a crypto-reserve backed by the state.
This motion is now being reviewed by the Finance Committee in Riksdag later this month.
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Source: bitcoinmagazine.com
