NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Crypto Day of Reckoning In Sweden? Central Bank Urges Clarification on Legal Tender

Rick Delafont
Rick Delafont
6 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The oldest central bank on the planet has called on politicians to define the concept of money legally and its definition may include crypto. In an increasingly cashless society, the Swedish Riksbank is struggling to come to terms with its diminishing responsibilities and is seeking clarification on them as a matter of urgency.

Sweden has become one of the locations on earth that physical money is used the least. In its place, electronic payment systems have emerged and handle an ever-increasing percentage of the nation’s financial activity.

Could Sweden’s Central Bank be Redundant Before the Crypto Revolution Fully Takes Hold?

The Riksbank in Sweden has been responsible for ensuring that the general public can access Swedish krona since the 1850s. Faced with fewer numbers of people using cash, businesses refusing to accept it, and banks not carrying physical money for withdrawals, the institution is finding itself with a lot less of a role in Swedish society than it has enjoyed previously.

According to a report in Bloomberg, the Riksbank has stated that it wants lawmakers in Sweden to define exactly what is meant by legal tender. Although not explicitly mentioned by the financial institution, this could mean that some crypto assets may be deemed as legally accepted forms of currency.

The Riksbank said in a statement:

“For 350 years, Swedish society has relied on the Riksbank to provide the general public with various forms of the country’s currency, the Swedish krona… Cash issued by the Riksbank has been legal tender since the 1850s. Cash use has decreased rapidly in Sweden and a scenario within the not-too-distant future, in which cash is not generally accepted, can’t be ruled out.”

Last month, Bloomberg reported on efforts being made by Swedish politicians to enforce that some banks do indeed continue to carry enough cash for those wanting to make withdrawals. Forming part of the justification of this is that too heavy reliance on electronic payments might cause issues if said networks were to go down unexpectedly.

Could Sweden be the first nation to go completely cashless?

However, some in the banking industry have stated that such a measure might well be illegal since it only requires those banks offering checking accounts to carry enough cash. They argue that this is a breach of European Union rules.

Although mobile payments applications and electronic card payments make up the majority of the payments in a Sweden that is rapidly moving towards cashlessness, crypto assets may end up the subject of legal debate in the nation if lawmakers respond to the Riksbank’s request with a definition of what is and what is not considered legal tender. Naturally, this could go either way for the still nascent asset class.

The Riksbank is also working on its own digital currency that is inspired by crypto but will function more like an electronic version of fiat. Sweden has been exploring the introduction of such a currency but it is yet to disclose how far along in its research or planning it is with the idea. However, last October the e-krona’s launch was reportedly brought forward to a still undisclosed date.

 

Related Reading: Bitcoin is Not Only a Hedge Against Inflation, But a Cashless Society Too

Featured Image from Shutterstock.
Tweet123Share196ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Avalanche AVAX news

Avalanche Foundation Plans $1 Billion Treasury Deals—Can AVAX Take Off?

The Avalanche Foundation is in advanced talks to set up two US digital asset treasury vehicles to raise roughly $1...

Jake Simmons 1 hour ago
Bitcoin Hyper Presale Explodes with $15M Raise as SEC’s Atkins Unveils Pro-Market Crypto Revolution!

Bitcoin Hyper Presale Explodes with $15M Raise as SEC’s Atkins Unveils Pro-Market Crypto Revolution!

In his latest keynote speech at the OECD in Paris, SEC Chair Paul Atkins reassured that ‘most crypto tokens are...

Aaron Walker 2 hours ago
Prečo tento nový altcoin v tichosti prekonáva Ripple (XRP) v roku 2025

XRP Price Completes Wave 3 Move, Why $3.13 Must Be Broken

With the recent market recovery, the XRP price has been able to confirm an important Wave 3 move that was...

Scott Matherson 2 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin Jumps Past $114K As Markets Eye Fed Easing After PPI Report

Christian Encila 13 minutes ago
South Korea Lifted Crypto Restrictions for Venture Companies, Hyping Up Pepenode’s Presale

South Korea Lifted Crypto Restrictions for Venture Companies, Hyping Up Pepenode’s Presale

Aaron Walker 27 minutes ago
solana-rallye-snorter-token-x10

Solana prêt au rallye, Snorter Token fait x10

guillaumev 14 minutes ago

Premium Sponsors

Press Releases

  • Vì sao các Meme coin tiềm năng đang vượt mặt...

    1 hour ago
  • Promising potential coins

    Các đồng coin tiềm năng để mua ngay khi Chỉ...

    1 hour ago
  • Nhà giao dịch PEPE Chuyển Hướng Sang Alt Coin

    Altcoin tốt nhất để mua khi Ethereum rút khỏi...

    1 hour ago
  • Přeměna 750 USD na 1 500 000 USD: v roce 2021 to byl...

    1 hour ago
  • Transformă 300 $ în 30.000 $ cu aceste 3 monede care

    Transformă 300 $ în 30.000 $ cu aceste 3 monede care vor...

    2 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.