Sweden’s debt collection agency is auctioning off bitcoin

Sweden's debt collection agency is auctioning off bitcoin
The head office of the Swedish Enforcement Agency, north of Stockholm. Photo: Vilhelm Stokstad / TT
Want to invest in some bitcoin? It's now possible to buy it at an auction held by Sweden's state bailiffs.

The Swedish Enforcement Agency (Kronofogden) is auctioning off the digital currency: in total, 4.59 bitcoin with an estimated value of around 370,000 kronor.

“Many people ask us why we're auctioning off the currency and not converting it ourselves. The answer is that there isn't infrastructure which meets our needs. We need to do it in a quality-assured way, in order to be sure that the money won't disappear on the way,” said Kronofogden's Johannes Paulson in a statement.

Kronofogden previously held a bitcoin auction in 2017. In that auction, the highest bid was 43,000 kronor, which was above the estimated market value of 27,600 kronor.

The new online auction begins on Friday, 11th October 2019.

Vocabulary

to buy – köpa

value – (ett) värde

currency – (en) valuta

to auction off – auktionera ut

auction – (en) auktion

We're aiming to help our readers improve their Swedish by translating vocabulary from some of our news stories. Did you find it useful? Do you have any suggestions? Let us know.


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