Swedish Riksbank Governor: Bitcoin Probably Won't Avoid Regulation For Long

Swedish central bank chief Stefan Ingves stated that Bitcoin is unlikely to continue to escape regulatory scrutiny as it responds to Bitcoin's growing popularity. Bitcoin's growing popularity has prompted the governor of Sweden's central bank to state that the peer-to-peer digital currency system is unlikely to continue to escape regulatory oversight, Bloomberg reported. "If something gets big enough, things like consumer interests and money laundering come into play," Riksbank President Stefan Ingves told Bloomberg on Monday. "So there's good reason to believe [edit] will happen." The form that such an arrangement would take is uncertain. However, Swedish finance markets minister Asa Lindhagen also joined the conversation, calling it "a work in progress internationally", pointing out that the government is in the process of tightening standards for bitcoin and other cryptocurrency exchanges. Named according to Bloomberg. Lindhagen also highlighted the government's concerns about the use of bitcoin and other cryptocurrencies for money laundering, which he sees as a "very important issue" requiring cross-border work. In addition, Erik Thedeen, head of the Swedish financial regulator, said, "It's pretty clear that some sort of regulation is needed." Sweden's coordinated effort to regulate Bitcoin is becoming more apparent as future fiat currency plans come to light. The Scandinavian country is one of the most developed countries in the world to develop a central bank digital currency (CBDC), as Ingves noted in April that Sweden could have a CBDC in five years. Such a move would likely put an end to cash, and the Swedish government doesn't want Bitcoin to fill the void. Although Sweden tries to regulate Bitcoin, it is unlikely to succeed. Bitcoin, a decentralized, global, peer-to-peer money network, was built to escape the control of national authorities.

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