New Report Reveals that Bulgarian Government is Exploring Crypto Payment Options

New Report Reveals that Bulgarian Government is Exploring Crypto Payment Options

March 3, 2022 0 By Keith Jacobs

Bulgaria is a country native to the Balkans region. The finance minister of the European country recently claimed that the government is considering making cryptocurrency payments more viable in the region. Assen Vassilev also clarified that the country is not looking to offer sanctuary to the cryptocurrency miners who have been exiled from Kazakhstan due to internet restrictions.

Vassilev was speaking to the journalists from Bloomberg recently when he claimed that the National Bank of Bulgaria and relevant cryptocurrency proponents are having discussions about the matter. He also said that for the time being the focus of the government agencies is to look for short term crypto payment infrastructure plan. At the time many miners are looking to migrate from Kazakhstan due to the tussle with the local authorities.

In 2017, the legal authorities of Bulgaria seized around 213K Bitcoins from threat operators and organized crime syndicates operating underground. The government has not officially declared if the Bitcoin reserves are still under their possession or they have been auctioned. In 2017, the confiscated BTCs were valued at $3.5 billion, and at the current price point, they are worth $8.2 billion.

It is also worth mentioning that Bulgaria is one of the 8 EU countries that have not yet listed the euro as a legal tender. Therefore, in case of a digital euro issuance, the Central Bank of Bulgaria will remain exempted from its benefits. Last year in June, the National Bank and the government of Bulgaria hinted that the country might add euro in 2024.

Christine Lagarde is the president of the EU Central Bank. While she is not a fan of cryptocurrencies, she has admitted the benefits of CBDCs. Lagarde claimed last year that a digital euro might be able to ready for a public launch by no sooner than 2025. Her contemporary, Janet Yellen, the US Treasury Secretary, shares the same stance towards a digital dollar.

The US Department of Justice charged a cryptocurrency project called RG Coins native to Bulgaria last year. The founder of RG Coins, Rossen Lossifev, was found guilty of racketeering and money laundering. He participated in a scam operation that defrauded around 900 US citizens and got away with $7 million. He is currently serving 10 years behind bars.