Swedish Officials Settle First Debt in Bitcoin

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Swedish Officials Settle First Debt in Bitcoin

October 12, 2017 Bitcoin Cryptocurrency 0
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.  Also read: Panama City Strip Mall Merchants Embrace Bitcoin Customers

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 previouly — 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. What do you think about Swedish officials settling a debt in bitcoin? Should the Swedish government auction off the coins after they accept them? Let us know in the comments below.
Images via Shutterstock
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