A member of the Swedish Parliament, Rickard Nordin, has formally proposed that Sweden consider incorporating Bitcoin into its national foreign exchange reserves.
On April 8th, Nordin submitted his official proposal to Finance Minister Elisabeth Svantesson, urging her to evaluate the inclusion of the leading cryptocurrency as a component of Sweden’s national reserves.
Proposal to Finance Minister
In his letter, Nordin stated Sweden’s established practice of careful and conservative management of foreign reserves, which are primarily composed of foreign currencies and gold.
Bitcoin as Store of Value and Inflation Hedge
Nordin emphasized the significant expansion of the digital asset market and pointed out that many international actors recognize Bitcoin as both a store of value and a hedge against inflation.
He also noted that Bitcoin functions in numerous parts of the world as a method of payment and protection against increasing inflation rates.
Tool for Resistance Against Authoritarianism
Furthermore, in his appeal, the MP highlighted Bitcoin’s importance as a vital tool for individuals resisting authoritarian regimes, allowing them to manage payments under oppressive conditions.
Echoes of US Initiative and International Interest
This Swedish proposal is similar to a prior executive order from former US President Trump to establish a national Bitcoin reserve using assets seized from criminal activities.
That US order directed the Secretaries of the Treasury and Commerce to develop cost-neutral methods for acquiring more Bitcoin for the reserve, ensuring no additional cost to taxpayers.
The Swedish lawmaker proposed a comparable strategy.
Interest in Bitcoin from institutions extends beyond Sweden; in January, the Governor of the Czech National Bank also suggested assessing Bitcoin as part of a possible diversification strategy for the Czech Republic’s foreign reserves.
Also Read: Czech Central Bank Holds Rate at 3.75% Amid Inflation
