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12/04/19 09:30 UTC-4

Financial geography. Cryptocurrencies in Sweden

Crypto-geography. Digital currencies in Sweden
Crypto-geography. Digital currencies in Sweden

Sweden, a northern European country, as well as neighboring Denmark, became a haven for cryptocurrency. The country has the lowest utilization rate of paper money, and therefore it was incredibly easy to accept digital assets for residents of Sweden.

Our editorial board has prepared the continuation of the already traditional column on the development of cryptocurrencies in different countries. This time we will talk about how cryptocurrency assets develop in Sweden.

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Negative rates for paper money

It is known that Sweden is in favor of an early liquidation of cash. Recently, in 2016, negative rates by the Central Bank of Sweden (Sveriges riksbank) were introduced in the country. This in turn provoked a growth in demand for cryptocurrencies, not only as an investment tool, but also as a method of payments.

The adoption of Bitcoin at the legislative level and taxation

The Swedish financial regulator, Finansinspektionen,  legalized the cryptocurrency industry. You can use the crypto for earnings after obtaining a license for the legitimacy of AML, CTF, KYC. At the same time, the income from mining is considered in Sweden as income from labor activity and is taxed at the rate of 3% of the profit received. Also traded activity is subject to taxation.

Executive services accept debt in Bitcoins

The Swedish state executive service, Kronofogden, accepts debt in Bitcoins. The first such payment to repay the debt took place in 2017, when the company management regarded the cryptocurrency as personal property. Then, the received 0.6 BTC was auctioned off because government services did not have the right to use crypto.

Cadastral book on smart-contracts

Since 2016, the Swedish government has been using smart-contracts for land registration and accounting systems. Lantmäteriet  – the local cadastral service, which began to record the records of ownership of the first territory in the world. ChromaWay, Kairos Future and Telia participated in the development of blockchain books for recording cadastral services as well as a system of smart-contracts for leases and payments.

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National cryptocurrency of Sweden

In 2017, the state bank of the country reported on testing the national cryptocurrency project. Within a few months, a beta version of the national crypto was released, which was supposed to be called e-krona. Unfortunately, the official release of the e-krona national cryptocurrency was supported by less than 10% of the population.

Editor: Godfrid Brower

#cryptocurrency #blockchain #Sweden #Bitcoin #mining #miningSweden #cryptocurrencylaw #CryptocurrencySweden

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