Bulgaria Is Exploring Crypto Payment Options – Finance Minister – Cryptovibes.com – Daily Cryptocurrency and FX News
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The Bulgarian finance minister believes that the country is unlikely to become a huge hub for crypto miners, with most of them said to be considering leaving Kazakhstan.
Bulgaria’s Deputy Prime Minister for EU Funds and Minister of Finance, Assen Vassilev, said that the European Union member nation is now exploring options for rolling out a cryptocurrency payment mechanism.
Based on a January 21 Bloomberg report, Vassilev said that the government was in discussion with the Bulgarian National Bank and industry players to explore cryptocurrency payments “in the short to medium term.”
Nevertheless, he said that Bulgaria was unlikely to grow into a major hub for the crypto miners. Most of the miners are said to be considering Kazakhstan citing internet disruptions and political turmoil.
The government of Bulgaria might still be among the biggest crypto holders globally after the seizure of 213,519 Bitcoins from an underground crime network before the 2017 bull run. It was valued at $3.5 billion at the time, but more than $8 billion at the time of publication.
It is not clear whether the officials auctioned or sold the coins at the time or they continue to hold these digital assets. Being a member of the EU, Bulgaria is one among the other eight countries that are yet to adopt the Euro and will not benefit from the rollout of a digital euro among the participating banks.
In June last year, the government and Bulgarian National Bank officials confirmed that they want to adopt the euro from 2024. European Central Bank (ECB) President Christine Lagarde said in March 2021 that the digital currency might now be launched until 2025, if not later.
Last year, a federal jury in the US found the CEO and owner of Bulgaria-based cryptocurrency exchange RG Coins, Rossen Iossifov, guilty of conspiracy to commit racketeering and money laundering. Iossifov collaborated with others in a scheme that defrauded nearly 900 Americans of over $7 million. He was sentenced to ten years in prison.
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