Showing posts with label Sweden. Show all posts
Showing posts with label Sweden. Show all posts

October 12, 2017

Swedish officials settle first debt in Bitcoin

By Sterlin Lujan - October 12, 2017 (news.bitcoin.com)

Swedish officials with the Swedish Enforcement Authority has settled a debt with bitcoin. This is the first time the enforcement agency in the country accepted bitcoin as payment rendered for debt owed to the State. 

New Asset For Use by the Swedish Enforcement Authority


An officer working with the authority said bitcoin is a new asset, and it provides their organization with more access to handling problems. It also allows their citizenry to have alternative methods for payment.


”You find assets not only in the driveway or the living room, but also on the internet. We are used to dealing with the banking system. This is another sort of asset, and a particular way to ensure [the sort of access] we haven’t had before,” says Johannes Paulson, in charge of operations development at the Swedish Enforcement Authority.

In this regard, it seems the Swedish Enforcement Authority will likely continue accepting bitcoin for debts citizens wish to settle.

Auctioning the Coins to the Citizens


The coins they received for the debt, however, will not remain in the authority’s possession. The agency claimed 0.6 bitcoin, worth about 23,000 Swedish krona, or $2850 at the time of receipt. However, they will be placing the coins on auction and selling them to the highest bidder. A Business Insider article elaborated:

“This has also opened up an opportunity for the public to make bargains in bitcoin, as the digital currency will be sold to the highest bidder in an online auction that takes place on October 12th.”

The auction will take place, according to authorities, because there is no state-sanctioned infrastructure to accept bitcoin into savings.

The authorities also commented on the fact that a lot of crime is being conducted in bitcoin as well, but they have not been able to get into wallets easily previously — or know all the criminals involved in making bitcoin transactions. In this case access to the bitcoin was possible due to the fact that the debtor agreed to transfer the amount to the authorities.

Sterlin Lujan
Sterlin Lujan is a journalist, editor, speaker, anarchist, and essayist. He has been involved with cryptocurrency and Bitcoin since 2012. Sterlin is especially interested in the intersection of psychology and cryptography. He has written on behavioral economics in regards to innovative technology, and was one of the first to write about the emerging field of cryptopsychology on bitcoin.com.