The first municipality to show interest in crypto
Staffanstorp municipality wants to be able to invest in cryptocurrencies.
The issue will now be investigated.
– It will not be the wild west and that we shoot from the hip, says Christian Sonesson, chairman of the municipal board (M).
The political leadership in Skåne’s Staffanstorp is curious about cryptocurrencies. In an official letter from last Friday, the municipal director is instructed to investigate whether the municipality is legally allowed to invest in digital currencies. And if there are obstacles, you want to see an update of the current fiscal policy.
– It is I who have submitted this proposal. Once it is investigated, it can proceed to a decision. It is a strategic interest where we want to take advantage of our municipal residents’ tax money, says the chairman of the municipal board, Christian Sonesson from the Moderates.
What is the background?
– In short, we have a lot of money invested in fixed income securities and other things that give us returns, but inflation is rising more and faster. We need to protect the capital that we have invested and then this can function as a risk diversification that can give a certain upside.
Need to get ready
The current fiscal policy in Staffanstorp municipality does not mention cryptocurrencies or funds and certificates that are tied to such.
– We need to look at this, whether the policy allows such investments or not.
Why?
– Many in the world have already come further. It will also come to Sweden and then we need to have knowledge and regulations ready.
“Not a single currency”
If Staffanstorp in the future will invest in cryptocurrencies, Christian Sonesson believes that it will take the form of funds or certificates that are linked to different types of cryptocurrencies.
– It is not about putting all our money in a single cryptocurrency, but if possible investing a small part of our invested capital. It should not be the Wild West and that we shoot from the hip, but it is about ordinary risk diversification.
“No wonder”
Staffanstorp municipality, with around 26,000 inhabitants, currently has around SEK 550 million invested primarily in fixed-income securities but also in various types of securities, such as shares in Swedish industrial companies and global funds, says Christian Sonesson.
The municipality is the first in Sweden to show interest in cryptocurrencies, but Christian Sonesson does not believe that they will be left alone.
– If you look at how municipalities have invested before, this does not have to be so much weirder. I believe that municipalities and regions will invest in funds when those products now come to Sweden.
Source: Fox
