Although governments often oppose Bitcoin, the world’s leading cryptocurrency has its advantages as well. In Sweden, two Enforcement Authority officials settled a debt by using Bitcoin. This is a rather surprising turn of events, even though Sweden keeps an open mind toward cryptocurrency in general. Considering how this is a debt owned by the state, the payment is a lot more significant than most people would assume.
Sweden is an interesting country when it comes to the financial sector. Especially the government’s focus on Bitcoin should not be overlooked whatsoever. Now that members of the local Enforcement Authority settled a debt with cryptocurrency, things will get a lot more interesting in the country. Bitcoin is considered to be a “new asset” which offers plenty of advantages. It is unclear if we will see more of these transactions moving forward, though.
In fact, it appears the Swedish Enforcement Authority is pretty keen on Bitcoin right now. That is a good sign for the future of Bitcoin, although nothing has been officially confirmed at this point. If consumers can settle debts with Bitcoin moving forward, an interesting precedent will be created. Do keep in mind the coins used for this transaction will not remain in the authority’s possession either. That in itself is pretty interesting.
More specifically, the coins will be sold during an upcoming auction. The highest bidder will take custody of this 0.6 BTC transaction, currently valued at 23,000 Swedish krona. It is a bit similar to how the US government sold seized assets from the Silk Road investigation. This particular settlement has nothing to do with illicit activity, though. It is certainly possible the general public will be able to pick up a bargain due to this auction. Moreover, a similar strategy may be employed for future auctions of this kind.
According to our information, the auction will take place on October 12th. It will be an online event, which will hopefully attract significant interest. This is a rather novel approach to thole concept of Bitcoin payments, especially from a government perspective. It is not impossible other countries will embrace this business model in the future. This doesn’t mean BTC is a legal currency in Sweden as of right now, though, and that situation will not necessarily change in the future.
Header image courtesy of ShutterstockAbout JP BuntinxJP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.View all posts by JP Buntinx