Sweden Targets $8.4M Bitcoin Reserve as Lawmakers Push Bold Proposal
Sweden is getting into the global crypto debate with a parliamentary motion that could lead to a national Bitcoin reserve.
Quick overview
- Sweden is considering a parliamentary motion to establish a national Bitcoin reserve using seized crypto assets.
- The proposal suggests transferring confiscated Bitcoin directly to the Riksbank, bypassing traditional auction methods.
- Lawmakers aim to preserve Bitcoin's legal status and avoid introducing a central bank digital currency.
- This initiative aligns with a global trend of countries exploring crypto reserves as part of their financial strategies.
Sweden is getting into the global crypto debate with a parliamentary motion that could lead to a national Bitcoin reserve. Filed on October 1, the proposal asks the government to look into Bitcoin as an inflation hedge and as a diversification tool for the country’s assets.
Instead of using new taxpayer money, the plan suggests using Bitcoin seized by the police. Sweden passed a law last November allowing the confiscation of luxury goods and crypto assets from individuals who can’t prove they own them legally. So far, more than $8.4 million in crypto has been seized – money that lawmakers think can be used to seed the proposed reserve.
The motion, to be reviewed by October 15, asks to transfer the confiscated Bitcoin directly to the Riksbank or another state authority, bypassing traditional auctions. Lawmakers argue that Bitcoin’s capped supply, deep liquidity and independence from central banks can offer the same protection as gold and foreign currency reserves.
Safeguarding Bitcoin’s Legal Status
Beyond the reserve, lawmakers want to make sure Bitcoin’s legal status remains intact. The motion says Sweden should keep its current definition of legal tender and not introduce a central bank digital currency (CBDC) under the Riksbank Act. Supporters say this will give clarity to market participants and reinforce Sweden’s reputation for transparency.
This builds on previous efforts. In April 2024, two lawmakers asked Finance Minister Elisabeth Svantesson to create a national Bitcoin strategy, citing the asset’s growing global relevance. This latest push is to have a clear framework that balances innovation with stability.
Key points of the motion:
- Use seized Bitcoin to fund the reserve
- Transfer assets to the Riksbank or equivalent authority
- Preserve Bitcoin’s legal status in Sweden
- No CBDC under the Riksbank Act
Global Trend of Crypto Reserves
Sweden’s move is part of a global trend. In the US, the recently passed GENIUS Act created a framework for a strategic Bitcoin reserve with bipartisan support. Other countries like Finland, Kyrgyzstan, Ukraine, Kazakhstan and Brazil are also looking into crypto reserves.
Analysts say this could be a game-changer for Europe’s approach to digital assets. If adopted, it would mean not only diversification of reserves but also recognition of Bitcoin as a part of sovereign financial strategy.
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