Riksbank Governor Sees Good Reason to Believe Regulation of Crypto Will Happen
Sweden's finance minister has also said the government is tightening standards for crypto exchanges.
Jun 1, 2021 at 8:13 a.m. UTCUpdated Aug 19, 2021 at 9:48 a.m. UTC
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Regulation of bitcoin and other cryptocurrencies is looking more likely as they become more mainstream, according to the governor of Sweden's central bank.
- “When something gets big enough, things like consumer interests and money laundering come into play,” Stefan Ingves said Monday, according to a Bloomberg report. "So there's a good reason to believe that [regulation] will happen."
- Regulation will develop at different speeds in different markets, he said.
- Finance minister Asa Lindhagen has said that addressing money-laundering risk will require cross-border work, suggesting there will have to be some degree of international cooperation.
- Sweden's government is in the process of tightening standards for cryptocurrency exchanges, Lindhagen said, but labelled this "a work in progress at the international level."
- The Nordic country is also among the most advanced economies in the development of a central bank digital currency (CBDC). Apart from China, Sweden is the only major country whose plans for a CBDC have progressed from discussion and research to testing.
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