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Blockchain and cryptocurrencies in Sweden

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The Swedish economy is well-developed and export-oriented. In the twentieth century, a poor agricultural country turned into one of Europe’s most developed industrial states in several dozens of years. It was rich natural resources that affected the economic growth. They still play an important role in export, but the authorities of Sweden are now equally focusing on knowledge-intensive industries based on information technologies.

Blockchain projects in Sweden
Sweden was one of the first in the world to launch a project on developing the national land cadaster on blockchain: it happened in 2016 and was highlighted by such leading globally renowned mass media as The Wall Street Journal, Nasdaq, and Fortune. For this purpose, Lantmäteriet (a cadastral body of Sweden) united together efforts with the ChromaWay blockchain startup, Telia telecommunication company, and Kairos Future consulting firm. Afterwards, they were joined by SBAB Bank, Landshypotek Bank, Svensk Fastighetsförmedling real estate agency, and Evry IT company.
The development started immediately, but the third blockchain project test phase completed only recently, in June 2018. The companies made a presentation showing the way of customers’ checking of digital signatures approved by the government and the way of final sending of legal contracts.

The seeming slowness means the general attitude of the authorities and businesses to blockchain: both do not aim to integrate the technological novelty as soon as possible, but they rather prefer to explore completely the efficiency of the idea and eventually create a 100% reliable off-the-shelf product.

Blockchain has found its application in the Swedish business sector. Dozens of blockchain companies engaged in various areas were established across the country. Founded in 2014, ChromaWay has established its own blockchain platform to develop various software solutions, from databases to investment platforms. Safello offers a platform for cryptocurrency processing and purchasing, providing the Nasdaq level protection. Quickbit allows citizens to buy cryptocurrencies using bank cards. Nordbloc has integrated blockchain-based KYC solutions. Superblocks is developing smart contracts for its customers. Enigio Time and Nikka System focus on the IT security of blockchain solutions.

Big Fish on board
The emergence of new blockchain solutions as a part of the Swedish IT market will require a huge computation power. Therefore, the country cannot do without data centers. One of them will be established in Stockholm, according to Amazon. The company is going to adjust it to Amazon Web Services.
Another IT giant, Google, has also become interested in Sweden’s cheap electricity and favorable investment climate. The company acquired 109 hectares of land in Horndal, Avesta Municipality. Google’s official representatives say that the company is going to place their data centers there.

Two giant data centers from leading IT companies will cement the country’s place as a leader in the European IT infrastructure and cloud technologies.

About cryptocurrencies and not only
Despite the fact that the authorities have not enshrined the cryptocurrency status at the statutory level, Sweden provides a beneficial jurisdiction for crypto business operations. The country’s Financial Supervisory Authority (Finansinspektionen) has actually legalized digital assets by publicly announcing the recognition of Bitcoin as a payment method.

Meanwhile, the Finansinspektionen explains that crypto companies interacting with fiat currencies (especially currency exchange offices and exchanges) are obliged to get licenses and permissions, as well as comply with all the rules and regulations of AML, CTF, and KYC.

Such an attitude of the Swedish authorities has mainly destined the country’s leading position in terms of cryptocurrency distribution in Europe. In 2014, long before the cryptocurrency boom, a Swedish citizen Mathias Sundin became the first politician to raise funds for his election campaign in cryptocurrency, while Sweden-based BTCX Exchange started operating in January 2012.

Wall Street has got nothing on Sweden
Besides, cryptocurrency derivatives appeared in Sweden way before Bitcoin entered the Wall Street. In 2015, inhabitants of Sweden could buy an asset called Bitcoin Tracker One backed by Bitcoin. This asset passed the inspection of the Finansinspektionen and was traded at NASDAQ/OMX in Stockholm. Thus, the Scandinavian country was the first in the world to invest in Bitcoin derivatives. It was performed via the bank or online broker. Asset holders had the right to exchange it for 1 BTC at the rate of 1:1.

Is E-Krona scam?
In 2016, the Swedish authorities officially announced the development of national cryptocurrency called E-krona. Such a step was encouraged by the fact that locals conducted 85% of all transactions using cashless transfers. However, the Swedes were unenthusiastic regarding this initiative. According to the survey made by Sifo Research Center, only 10% of citizens approved the launch of crypto Krona.
However, the idea of developing national cryptocurrency was the factor resulting in the hype. The international crypto community was extremely worried of such an event, which was a great opportunity for swindlers.

In early 2018, one launched a previously unknown project called Kryptonex, and with it the Coinvest news website that copied the interface of the well-known cryptocurrency portal – CoinDesk. The fake website published the “news” about Kryptonex, along with the Swedish authorities, launching national cryptocurrency. That false report was parroted by many specialized mass media and distributed all over the world.

Nevertheless, the fact that Kryptonex has not issued crypto Krona does not mean the Government of Sweden refusing the idea of developing national cryptocurrency. The project is under development: it involves the Central Bank of Sweden as well as ChromaWay and Sofitto. No one knows when their plans will come true.

Mining: iron or cryptocurrency?
If upon hearing about mining in Sweden, you immediately think of famous local iron ore mines, that’s fine. However, we are talking now about mining of cryptocurrencies rather than iron.

To tell that the power industry is well developed in the country means to say nothing. Sweden has three nuclear facilities (all together ten reactors) and about 1900 hydropower plants. Moreover, the authorities encourage entrepreneurs to use wind and solar power plants: taxes are reduced by 98% for such electricity manufacturers. Certain Swedish regions have completely shifted to renewable power sources.
Therefore, the country offers one of the lowest electricity rates in Europe: 6.5 eurocents per 1 kWh in Sweden against 11 eurocents per 1 kWh in average across Europe.

Economy power and north climate provide beneficial conditions for cryptocurrency mining. World’s largest brands, such as Bitmain, are considering a possibility to place their data centers in Sweden. By the way, Canada’s HIVE has already established a major farm in Boden in order to mine Ethereum.
Blockchain News in Sweden: Innovative Blockchain Applications

Sweden keeps using blockchain for property transactions, expands its crypto exchange and plans to launch E-Krona. These and other news of Swedish crypto world are here in the digest.


Blockchain in energy sector
From May, 2017 – Vattenfall, the energy company owned by the Swedish state, experiments with blockchain technology in the energy sector.
The organization has joined forces with 22 European firms to enable peer-to-peer transactions on the energy market with DLT.
According to companies, decentralization of the energy industry will help to reduce costs due to the elimination of the middle parties.

March, 2018 – Software company Symantec Corp has reported that Sweden becomes a cryptojacker oasis.
Cryptojackers are stealing the capacity and energy to mine crypto coins. According to Symantec, in this case, hackers don’t put themselves under risk.
Sweden is countries with high-power computers and big interest in crypto coins, therefore, illegal mining is widespread there.

March 30, 2018 – Sweden is planning to release its own national cryptocurrency E-Krona based on IOTA.
Riksbank – The Swedish Central Bank sees the national crypto coin as the equivalent to traditional fiat currency. However, it is going to be used for minor transactions.
To launch E-Krona, CB has partnered with 19 other organizations, and the project is expected to ready by late 2019.

Crypto exchanges
June 13, 2018 – The Swedish crypto exchange, BTCX, has acquired a crypto trading platform Nova.
Now the exchange is planning to expand to most of the world countries and to add new digital coins ton the trading list.
Let’s remember that in June 2017, the exchange platform was joined by the member of Swedish Parliament Mathias Sundin. The politician’s aim was to bring attention to one of the oldest European BTC exchanges.

Property transactions on blockchain
June 15, 2018 – Swedish land-ownership authority, the Lantmäteriet, and a group of partnering banks and companies have completed the third phase of the blockchain pilot project regarding land ownership.

Together with such organizations as SBAB Bank and Landshypotek, companies have testified property transactions with DLT. For instance, they have conducted a transaction between a buyer and a seller with the digital signature verification.

The advantage of DLT use in real estate industry is the risk reduction and elimination of paperwork.

Source: https://stockholm.bc.events/en/news...eden-innovative-blockchain-applications-91960
Yes, I support you. In Sweden, a lot of innovations and innovations. And the Swedish government supports this development. Logistics, trade, management - everywhere start to introduce new.
Yes, Sweden a very progressive country. Sweden is among the leaders in the global bitcoin market. Indeed, Sweden's embrace of blockchain isn't restricted to cryptocurrencies.

IT Consulting
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