Swedish Member of Parliament Rickard Nordin has raised the question of whether the government will allow the central bank to add Bitcoin to the country’s foreign currency reserves. He highlighted the increasing global debate on the role of digital assets in national financial strategy, referring to the US states and federal officials considering Bitcoin as a strategic reserve asset similar to gold in times of economic uncertainty. Nordin emphasized that Bitcoin’s properties are comparable to gold and it is being used worldwide as a payment method and a hedge against hyperinflation.
Rather than proposing direct purchases of Bitcoin, Nordin suggested a budget-neutral approach of retaining Bitcoin confiscated by Swedish authorities, such as the Customs Service or police. This method has been used in the US, where federal agencies have accumulated significant holdings through asset seizures without using taxpayer funds to acquire the digital currency. The current reserve portfolio of Sveriges Riksbank mainly consists of foreign currencies and gold, prompting Nordin to urge the government to reconsider this strategy in light of evolving global financial instruments.
The formal written inquiry submitted by Nordin to Finance Minister Elisabeth Svantesson underlines the need for a formal response by April 16. The government has not yet announced whether it will expand the Riksbank’s mandate to include Bitcoin in its holdings. While Sweden’s move is in line with international discussions on incorporating decentralized digital assets into sovereign monetary planning, advanced economies have generally treated Bitcoin as a speculative asset rather than integrating it into reserves like El Salvador has done.
Nordin’s proposal to use confiscated digital assets as a strategic hedge could position Sweden in a middle ground between El Salvador’s full integration of Bitcoin and other countries’ more cautious approach. This approach would allow Sweden to leverage digital assets for financial security without making direct financial bets. The government’s response to Nordin’s inquiry will shed light on Sweden’s potential future stance on Bitcoin and other digital assets in its foreign currency reserves.
In conclusion, the formal inquiry by MP Rickard Nordin regarding the addition of Bitcoin to Sweden’s foreign currency reserves signals a potential shift in the country’s financial strategy. By exploring a budget-neutral approach of utilizing confiscated digital assets as a strategic hedge, Sweden could enter the global debate on the role of digital assets in national financial planning. The government’s response to Nordin’s inquiry will provide insight into Sweden’s future stance on Bitcoin and other digital currencies in its reserve portfolio.
