Sweden Discusses Possibility of Including Bitcoin in Foreign Reserves

In a written inquiry to Minister of Finance Elisabeth Svantesson, MP Rickard Nordin asked about the possibility of including bitcoin as part of Sweden’s foreign reserves. Nordin also proposed funding it with bitcoin seized by police and customs authorities.

Sweden Discusses Including Bitcoin as Part of Its Foreign Reserves

Sweden is the latest country to discuss including bitcoin as part of its foreign reserves. Rickard Nordin, a member of the Swedish Parliament, has directed a written question to Minister of Finance Elisabeth Svantesson inquiring about the possibilities of this happening in the context of the normalization of this idea by many other nations, including the U.S.

In his letter, Nordin introduces the benefits that holding a part of the country’s reserves in bitcoin would offer, stating that “its monetary properties are comparable to those of gold, especially in a time of increasing geopolitical and economic uncertainty.”

In addition, Nordin also notes that bitcoin is often used as a means of payment and as a security against runaway inflation. “It is also an important way for freedom fighters to handle payments when under the oppression of authoritarian regimes,” he stressed, raising this relevant aspect of bitcoin too.

Nordin finally asked:

Have the Minister and the Government considered the possibility of giving the Riksbank the opportunity to include bitcoin in Sweden’s foreign exchange reserves, and will the Minister and the Government act to give the Riksbank such an opportunity?

He proposes starting this reserve in a “budget neutral” manner, using the bitcoin seized by Swedish authorities, following the U.S. example.

While the minister is not required to answer this inquiry, it raises this topic to the public arena, bringing the discussion to a wider audience. Nonetheless, the Minister can issue a written response to the inquiry by April 16.

In January, European Central Bank (ECB) President Christine Lagarde stated that she was confident that bitcoin would not enter the reserves of any of the central banks of the General Council, where Sweden is included.

Read more: Christine Lagarde en Garde: Bitcoin Will Not Enter Central Bank Reserves