The Kingdom of Sweden and it´s love-hate relationship with cryptos.

The Kingdom of Sweden and it´s love-hate relationship with cryptos.

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Sweden is a role model for the rest of the world to start off saying the least. Swedish people are very discreet by nature and are not focused on being the center of attention, but they should be!

The country is so committed to healthy living, human rights, public services, sustainability that it has no time to seek attention elsewhere. A progressive and inclusive country rated as one of the most generous countries in the world by Usnews.com.

Located in the European region, expanding across the Scandinavian Peninsula, it is the third largest country in the European Union, a member since 1995. A population of 10.2 million and growing for being a welcoming country to refugees and immigrants who make up 10% of the population.

Stockholm is the well-known capital as well as the biggest city in the country. The city has been considered the greenest and cleanest city in the world, and it has the longest life expectancies in the world as well.

                                                                 Photo by Jon Flobrant on Unsplash

Did you know: Swedes pay the highest taxes in the world? More than any other group of citizens around the globe.

But do not think for a second they dislike that, oh no, tax money in Sweden does what it is supposed to do. The country offers free education including colleges and universities, as well as free health care for everyone. Maternity leave is 420 days and 380 days are paid out of tax money, and the days can be divided between moms and dads, that´s right, daddies get to spend time with their babies as well.

The nation is focused on equality.

The land of the Vikings is the leader in innovation; it is a country standing in an all-digital era, one of the most cashless countries in the world. Cash usage is decreasing, private banks are refusing to handle money, and it may by 2021 become the number one completely cashless nation in the world!

Meet E-Krona.

Though this is impressive, it has also caused the Swedish government to worry because once the country becomes completely cashless their public will become entirely dependent of a few private banks, and that is not good. So, the nation has been working on their own digital currency called e-krona, to function side by side with the Swedish Krona (SEK), Sweden´s monetary unit (fiat).

Citizens trapped by banks? That can’t be good.

“When you are where we are, it would be wrong to sit back with our arms crossed, doing nothing, and then just take note of the fact that cash has disappeared. You can’t turn back time, but you do have to find a way to deal with change.” — said Stefan Ingves, the governor of Riksbank

The government is trying to prevent disasters in case of a crisis. But do not think for a second that E-krona is anything like Bitcoin; it is as of now the total opposite.

E-Krona is a centralized national digital cash system, a project by a Swedish bank Riksbanken, which some have assumed it may not even operate on the blockchain. As of now, no one knows for sure what e-krona will be like, the country has only recognized the need for the digital currency and is now working with large companies like IOTA and IBM to come up with the best project.

Read the full explanation and concerns about the e-krona project on the Riksbank Website.

Lately, there have been some speculations and according to the Riksbank, there are false allegations claiming the bank has been selling e-kronas. But the bank has pronounced themselves making it clear they are not selling the electronic currency.

“On certain websites and in social media, false information is circulating claiming that the Riksbank is selling e-kronas.”- The Riksbank

Please contact the Riksbank at registratorn@riksbank.se if you come across an offer to purchase e-kronas.

                                                                                 Stockholm, Sweden

Sweden has had a love-hate relationship with cryptocurrencies, even though, it is a technology lover, and it happens to be the second largest fintech nation in Europe according to investstockholm.com.

The fintech market in Sweden has had their eyes on the cryptocurrency blockchain technology for a while. Miners have been moving to Sweden due to its cold environment (which benefits the equipment), low-cost hydroelectric power and cheap electricity.

“Sweden is among the leaders in the global bitcoin market. There’s a very high-level of knowledge about it here, and a high-level of digital competence in the Fintech space. We may not be the size of Hong Kong or London, but it’s hard to find that level of digital competence in other financial centers” — says Claire Ingram Bogusz, a researcher at Stockholm School of Economics specializing in bitcoin and other cryptocurrencies.

Recently, the Swedish government has charged a cryptocurrency holder, Linus Dunkers, who is expected to pay 300% in taxes (1$ million tax bill) on his total crypto profits!

A shot to the face to say the least!

Something is outrageously wrong when a government agency feels so comfortable going beyond restrictions to tax anyone, isn’t it? They are claiming he did not deduct the price of his initial purchase, which was supposedly paid in cash. Plus they are treating it as business activities instead of personal affairs.

Could Sweden be trying to scare the cryptocurrency community? But what would be the motive for that? Could they be trying to stop cryptocurrency from competing with the e-krona? We might never know…

(let us know what you think in the comments)

The Swedish Tax Agency (STA) has managed to open cases against 400+ crypto traders since last year, even though their crypto laws are unclear.

Final Thought: Sweden, whether on purpose or not, is setting the nation to become the next major cryptocurrency industry. Swedes are already living the cashless life, which for many seems so far into the future, but this initiative is serving as an example to the rest of the world what it will be like to live in an all-digital environment. Many nations are very far from this reality, but it is here to show us all we are living in a new world. We better catch up!

Let us know what your thoughts are in the comments!

Are you ready for an all-digital world?

The Winco Team

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