Swedish Lawmakers Propose National Bitcoin Reserve

Two members of the Sweden Democrats, the Riksdag’s right-leaning, second-largest social gathering, have submitted a movement urging the federal government to look at whether or not Sweden ought to create a nationwide Bitcoin reserve.

The movement, filed on Oct. 1 by Dennis Dioukarev and David Perez, requires an investigation into find out how to construct a strategic Bitcoin reserve and which authority is suitable to handle it. It additionally proposes that the federal government verify it doesn’t intend to alter the definition of authorized tender or introduce a central financial institution digital forex.

The lawmakers argue that Bitcoin may function a complement to gold and overseas trade reserves. They describe the cryptocurrency as “digital gold” with the potential to diversify state holdings and supply inflation safety.

“By constructing a strategic Bitcoin reserve, Sweden is positioning itself for a probably disruptive shift within the international monetary infrastructure,” the proposal acknowledged.

Nationwide Bitcoin reserves all over the world

Momentum for state-level Bitcoin reserves has grown internationally, significantly since March, when U.S. President Donald Trump signed an govt order establishing a nationwide Bitcoin reserve funded with confiscated belongings.

Whereas nations like Bhutan and El Salvador already held Bitcoin previous to this, the shift in U.S. coverage has prompted a rethink of different nations round their strategy to cryptocurrencies.

A number of nations, such because the UK, China and Finland, have unofficial “reserves” of confiscated digital belongings seized throughout prison investigations, however politicians in nations like Poland and Latvia have additionally floated the concept of building strategic Bitcoin reserves.

Final week, Kazakhstan launched a state-backed crypto reserve containing BNB (BNB is the native token of the BNB Chain created by the trade Binance, which signed an MOU with the Kazakh authorities in 2022).

On the U.S. state degree, Texas, Arizona and New Hampshire have handed legal guidelines to create their very own reserves.

The Swedish proposal comes as different lawmakers in Sweden have raised related calls. Earlier this yr, Dioukarev and one other MP, Rickard Nordin, individually pressed Finance Minister Elisabeth Svantesson to rethink Sweden’s cautious stance in mild of Bitcoin’s rising function overseas.

Proponents in Sweden argue that including Bitcoin to nationwide reserves may cut back total correlation amongst belongings already in its reserve.



“Gold and overseas trade reserves are conventional asset lessons which might be correlated with political, geopolitical and financial dangers. In distinction, Bitcoin’s worth shouldn’t be pushed by the financial insurance policies of particular person states,” the movement famous—although Bitcoin does actually comply with common market developments.

Monetary establishments have additionally weighed in. A current paper from Deutsche Financial institution Analysis stated central banks are reassessing their reserves amid inflation and geopolitical uncertainty. “Whereas Bitcoin nonetheless faces many critics, it has more and more turn into a family identify,” the financial institution wrote, citing better liquidity and institutional involvement.

However it warned that the asset stays risky, weak to fraud and comparatively illiquid in contrast with gold.

The U.S. plan has additionally drawn criticism, with opponents arguing it may benefit political leaders personally and expose markets to instability.

In March, the late Democratic Congressman Gerry Connolly wrote that the reserve constituted “unsound fiscal coverage” providing “no discernible profit” to Individuals. He added it acted merely as a “get wealthy fast scheme” for Trump.