Bulgaria's finance minister says country is exploring crypto payment options: report

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The authorities authoritative added that helium thought Bulgaria was improbable to go a large hub for crypto miners, galore of whom galore are reportedly considering leaving Kazakhstan.

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Assen Vassilev, Bulgaria’s Deputy Prime Minister for EU Funds and Minister of Finance, said the EU subordinate federation is exploring options for rolling retired a crypto outgo mechanism.

According to a Friday Bloomberg report, Vassilev said the authorities was successful treatment with the Bulgarian National Bank arsenic good arsenic manufacture players to research crypto payments “in the abbreviated to mean term.” However, helium added that Bulgaria was improbable to go a large hub for crypto miners — galore are reportedly considering leaving Kazakhstan amid governmental turmoil and disruptions to the Internet.

The Bulgarian authorities whitethorn inactive beryllium 1 of the biggest HODLers successful the satellite pursuing the seizure of 213,519 Bitcoin (BTC) from an underground transgression web earlier the 2017 bull tally — valued astatine astir $3.5 cardinal astatine the time, but much than $8.2 cardinal astatine the clip of publication. It’s unclear if officials sold oregon auctioned the crypto astatine the clip oregon continues to clasp the integer assets.

As a subordinate of the European Union, Bulgaria is 1 of lone 8 countries that hasn’t adopted the euro and wouldn’t needfully payment from the rollout of a integer euro among participating cardinal banks. In June 2021, the authorities and Bulgarian National Bank officials said they intended to follow the euro starting successful 2024. European Central Bank President Christine Lagarde said successful March that the integer currency might not beryllium introduced until 2025, if not later.

Related: Google Pay hires PayPal exec to caput up crypto payments push

In 2021, a national assemblage successful the United States recovered the proprietor of Bulgaria-based crypto speech RG Coins, Rossen Iossifov, guilty of conspiracy to perpetrate racketeering and wealth laundering. The Bulgarian nationalist collaborated with others successful a strategy that defrauded astir 900 Americans of much than $7 million. He was sentenced to 10 years successful prison.

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