The Bulgarian Government Is Negotiating The Legalization of Cryptocurrency Payments

The head of the ministry noted that we are talking about the use of digital assets in payments. Bulgaria does not claim to be the main minin...

The head of the ministry noted that we are talking about the use of digital assets in payments. Bulgaria does not claim to be the main mining pool in Europe. Bloomberg reports that Deputy Prime Minister of Bulgaria Assen Vassilev has already held talks with the central bank, as well as with the main players in this industry, in order to study in more depth the procedure for launching payments in cryptocurrency “in the short and medium-term.”

The publication also notes that many bitcoin miners from Kazakhstan would like to move to Bulgaria. In addition, the government of the country can be one of the largest holders of the first cryptocurrency in the world. The reason is that since 2017, financial services have seized about 213,519 bitcoins from private users. The confiscation of assets took place as part of a series of criminal cases against a large crypto exchange.

To date, this amount of BTC is worth approximately $8.2 billion. Experts say that plans to legalize crypto payments in the country may be due to the fact that Bulgaria has not yet switched to the euro. The launch of the common European currency is planned only in 2024, and in 2025 the ECB will present a ready-made prototype of the digital euro, and the Bulgarian leadership is most likely skeptical about the benefits of switching to e-euro.

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The US Federal Reserve has released a report containing the results of a study on the issuance and circulation of the national digital currency (CBDC). Financial regulator experts note that the new payment instrument can fundamentally transform the country's financial system, changing the roles and responsibilities of the private sector and the central bank.