Sweden was the first country to authorize trading of two Bitcoin exchange traded notes (ETN) in Europe in 2015, managed by XBT Providers. The funds, Bitcoin Tracker One XBT (ST:SE0007126024) which trades in Swedish krona and Bitcoin Tracker EUR XBT Provider (ST:SE0007525332), both trade on the Nordic NASDAQ, a major Swedish exchange. See swedish currency to usd

Since their launch XBT has issued versions in Denmark, Finland, Estonia and Latvia. As of early December 2017, Cointelegraph declared the Swedish ETNs to be "bigger than 80% of US ETFs." In mid-January CNBC noted that Swedish Bitcoin investments had attracted $1.3 billion in funds.

Additionally, Sweden's central bank, the Riksbank, has been considering creating an electronic currency, dubbed the e-krona, in response to the fact that Sweden is rapidly become the world's first cashless society. However, the country's banking sector is pushing back. Hans Lindberg, chief executive officer of the Swedish Bankers' Association said, during an interview on April 17, "when it comes to electronic money, there's already plenty. There are bank cards, credit cards...and other electronic solutions. The best option also going forward is probably that the Riksbank sticks to wholesale."

Nevertheless, HSBC global economist James Pomeroy believes it's still possible Sweden will be the first country in the world to issue an electronic currency, which could launch within the next few years. Venezuela may have gotten out ahead on a government backed crypto launch, but the Scandinavian country, with its stronger economy and more trusted regulatory bodies could still disrupt the asset class on this front, even as it continues to lead the European crypto sector.