Bulgaria’s deputy prime minister for EU funds and finance minister, Assen Vassilev, stated the country is looking into the possibility of implementing a crypto payment system.
According to a Bloomberg storey published on Friday, Vassilev stated that the government was in talks with the Bulgarian National Bank and industry stakeholders to study crypto payments “in the near to medium term”. He did say, though, that Bulgaria was unlikely to become a significant crypto mining centre. Citing reports that many are considering leaving Kazakhstan due to political unrest and internet outages.
After seizing 213,519 Bitcoin (BTC) from an underground crime network before the 2017 bull run — valued at around $3.5 billion at the time, but more than $8.2 billion at the time of publishing. The Bulgarian authorities may still be one of the world’s top HODLers. It’s unknown whether officials sold or auctioned the digital assets at the time, or if they still have them.
Digital currency may not be out of implementation scope until 2025
Bulgaria, although a member of the European Union, is one of only eight nations that has not accepted the euro. And hence would not benefit from the adoption of a digital euro by participating central banks. The government and the Bulgarian National Bank announced in June 2021 that they planned to adopt the euro in 2024. President of the European Central Bank Christine Lagarde stated in March that the digital currency may not be implemented until 2025, if at all.
Rossen Iossifov, the owner of the Bulgarian crypto exchange RG Coins, convicted of racketeering. As well as money laundering by a federal jury in the United States in 2021. The Bulgarian national was part of a conspiracy that duped over 900 Americans out of over $7 million. He received a ten-year prison sentence.