A member of the Swedish Parliament suggested that Bitcoin add to the country's foreign currency reserves, which, based on recent steps within the United States, indicates increased openness to adoption of cryptocurrency in Europe.
Swedish MP Rickard Nordin published an open letter through which Finance Minister Elisabeth Svantesson asked to think about the adoption of Bitcoin (BTC) as a national reserve.
“Sweden has a convention of a conservative and punctiliously managed foreign exchange reserve, which mainly consists of foreign exchange and gold,” Nordin wrote in a letter registered on April 8 and added:
“At the identical time, there may be a fast development in digital assets, and a number of other international players consider Bitcoin as administrators and protection against inflation. In many parts of the world, Bitcoin is used as a method of payment and as security against increasing inflation.”
“It can be a crucial opportunity for freedom fighters to make payments within the suppression of authoritarian regime,” he added.
Open letter from MP Rickard Nordin. Source: riksdagen.se
The Swedish proposal repeats a recent step by the United States. In March, President Donald Trump signed an executive order to create a national Bitcoin reserve that was financed by cryptocurrency, which was confiscated in criminal investigations as an alternative of acquired through market channels.
The order approved the financial and trade secretaries to develop “budget-neutral strategies” to purchase more Bitcoin for the reserve, provided there have been no additional costs for taxpayers.
The governor of the Czech National Bank also considered Bitcoin as a part of a possible diversification strategy for the country's foreign exchange reserves, reported CoinTelegraph on January 7.
European legislators are silent about Bitcoin laws in the midst of the CBDC boost
Despite Trump's historical executive regulations and Bitcoin economic model, the European legislators, which favored the early users, were largely silent about Bitcoin laws.
The lack of Bitcoin-related statements will be attributed to the introduction of the digital euro, a digital currency of the central bank (CBDC).
“This underlines the EU's stronger emphasis on the digital euro, although the most recent failure within the ECB payment system, which led to significant transaction delays, monitoring concerns concerning the ability to observe a digital currency in each day operation.”
The ECB President Christine Lagarde is pushing ahead with the rollout of the digital euro expected in October. Lagarde has emphasized that the CBDC will coexist with money and offer data protection protection with a view to clear up concerns concerning the government's over -control.
“The European Union desires to onto the market by the digital euro, our digital currency of the central bank,” said Lagarde during a press conference and added:
“We are working on the proven fact that the digital euros summarize money and take into consideration data protection concerns by making them pseudonym and bar-like in nature.”
Source: cointelegraph
This is in blatant contrast to the approach of the USA, through which Trump has taken a everlasting attitude towards CBDCs and “prohibits the establishment, output, distribution and use of a US dollar-based CBDC.
