The head of the Riksbank recently came out and announced that he wants to see as little Bitcoin as possible in the Swedish banking system. The reason is that it is next to impossible to value and is only about speculation. It is something that can greatly affect the future of cryptocurrency in Sweden. Many European countries have started to accept Bitcoin and other cryptocurrencies in more and more contexts including restaurants and bars, and as soon as a new cryptocurrency hits the market, it attracts attention. However, Sweden seems to be going in the opposite direction.
Despite this statement, Bitcoin casinos like those listed on Techopedia are still a popular feature in Sweden. These are casinos with a different gaming license than the Swedish one from the Spelinspektionen. However, there is nothing that prevents Swedish players from depositing and playing at casinos with a foreign license. They work just like normal plus you can deposit and withdraw with cryptocurrencies. However, it will take some time before it is introduced in casinos with a license from the Swedish Gaming Authority.
The governor of the Riksbank said in his statement that although Bitcoin recently hit a new record of over $70,000, it is only temporary. It will certainly be followed by a collapse, which we have also seen if you look back in history.
The Riksbank also addresses the situation with FTX and how thousands of investors lost all their assets. They do not want something similar to happen in Sweden. Thus, strict regulation would be required before crypto would become a reality.
It is not the first time that Sweden has stood out as negative towards crypto. In 2022, a proposal was put forward in the EU where they want to ban all crypto mining due to the large energy consumption. They do not want renewable energy to go to crypto mining instead of community-supporting functions.
Even if the Riksbank remains negative about cryptocurrencies and Bitcoin, there is still an opening for Sweden. The EU and Brussels want a common regulation for crypto that will apply to all countries in the union. In that case, it would also include Sweden. They have already produced a first proposal called MiCA, which is about to be voted on. The majority of countries in the EU want to allow crypto under heavy regulation.
It is also important to point out that it is not illegal to trade Bitcoin or crypto at this time. As long as two trading partners agree to make the payment with crypto, it is free to proceed. However, you must tax any income just like everything else. There are also several crypto exchanges that work in Sweden for those who want to buy and sell their assets.
It is still unclear what the future will look like for crypto in Sweden. However, it can be stated that the Riksbank and many other authorities are strongly negative. However, there is an increased interest in crypto in Sweden among the population. Considering that interest is increasing in other countries, it is not impossible that Sweden will be forced to follow suit. It will therefore be interesting to see what happens in the near future in Sweden and the EU.
