Sweden Central Bank Governor Urges Separation of Bitcoin from Nation’s Financial System

Bitcoin prices are currently trading at an upside given the ongoing bull run. However, despite the all-time high number, the Sweden Central Bank governor has raised concerns over potential losses in Bitcoin trading. According to a Bloomberg report, Riksbank governor (Swedish central bank) Erik Thedeen aims to keep Bitcoin “away from the country’s financial system”.

Riksbank Governor Warns About Bitcoin

Bloomberg in its report highlights that the governor of Sweden’s central bank has issued a warning about possible losses on Bitcoin trading despite the cryptocurrency’s recent all-time highs. The report also highlights that Erik Thedeen is working to keep Bitcoin trading away from the nation’s financial system.

Erik Thedeen told reporters following a parliamentary committee on monetary policy on Tuesday, “I want as little Bitcoin as possible in the Swedish financial system.” “In actuality, it’s based on pure speculation; it’s an instrument that is impossible to value.”

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Sweden’s Confusing Crypto Laws

The remarks from the Riksbank governor come despite around 5 million people in the country actively investing in cryptocurrencies. Time and again, many Swedish authorities have taken a confusing stance on crypto markets. Reports highlight that Finansinspektionen, Sweden’s financial watchdog, had stated that investing in cryptocurrencies is “unsuitable for most… consumers” since it is “difficult, if not impossible, to value on a credible basis.”

However, “Riksbank,” the central bank of Sweden, had previously stated that it acknowledges the potential advantages of cryptocurrencies. To establish Sweden as a center for the development of digital currencies, Riksbank had requested that the Swedish parliament allocate 30 million Swedish Kronos, or around $3.1 million, year for five years.

The legal landscape surrounding cryptocurrencies in Sweden is confusing. Whether or not Bitcoin offers more advantages than disadvantages is a matter of debate among Sweden’s various government bodies. However, it may be argued that the Swedish public has accepted cryptocurrencies as a legitimate invention and a technology with long-term benefits.

Bitcoin Prices Today

CoinGape previously highlighted that the rise of Bitcoin to a new all-time high, topping $72,000, was accompanied by a spike in inflows into Bitcoin ETFs. Several variables, including the positive momentum in the Bitcoin ETF space, the impending Bitcoin halving, and the growing demand for digital assets worldwide, are cited by market observers as the reasons for this rise. The excitement surrounding BTC’s price surge is still there, despite the inherent volatility in the cryptocurrency industry.

Bitcoin price has remained in the $72,000 range, peaking on March 11 at $72,700. Coingape data shows that the live price of BTC is currently $72,200.372, with a 24-hour trading volume of $55.9 million. With a current market cap of $1.4 trillion, BTC is trading between $72,477.5577565 and $71,436.0736288.

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