Two Swedish lawmakers called on the country’s finance minister to seriously consider Bitcoin as a part of Sweden’s national financial strategy.
In a letter submitted on April 14 to Finance Minister Elisabeth Svantesson, Member of Parliament Dennis Dioukarev urged the government to explore including Bitcoin in Sweden’s foreign exchange reserves.
Their appeal to Svantesson is rooted in Bitcoin’s monetary properties, which they argue are comparable to gold, and its growing use as a financial tool for people facing economic volatility and political oppression.
Both lawmakers suggest that Sweden should begin accumulating Bitcoin through direct policy or a budget-neutral method, such as retaining Bitcoin seized by law enforcement instead of auctioning it off.
In his letter dated April 8, MP Rickard Nordin clarified the argument: “Several countries are currently discussing whether Bitcoin should be included in government foreign exchange reserves… especially in a time of increasing geopolitical and economic uncertainty.”
At the core of the Swedish lawmakers’ proposal is the belief that Bitcoin could serve as a digital gold, an asset capable of retaining value in times of economic upheaval.
Interestingly, Nordin proposed a budget-neutral approach, drawing inspiration from the U.S. model.
He stated that Bitcoin is a financial instrument that safeguards democratic values, especially where authoritarian regimes control fiat currencies.
Nordin urged the finance minister to give Sweden’s central bank, the Riksbank, the legal flexibility to add Bitcoin to its reserves, an idea gaining momentum globally.
Recent enforcement actions suggest major regulatory headwinds. In 2024 alone, Swedish authorities have intensified scrutiny over crypto-related activities.
While the political momentum for a Swedish Bitcoin reserve is gaining traction, the country’s broader stance toward crypto remains ambivalent, if not outright hostile.
The Swedish Tax Agency also uncovered rampant tax evasion in the mining sector. Of 21 Bitcoin mining operations investigated between 2020 and 2023, 18 submitted misleading or false tax reports, leading to an estimated $90 million in unpaid taxes.
“We are expecting this to be more expedited obviously, especially if this is political.”
The Swedish Police Authority and the Financial Intelligence Unit labeled several crypto exchanges as “professional money launderers,” accusing them of facilitating illicit cross-border transactions.