Bulgarian Finance Minister Says Country Is Exploring Crypto Payments: Report

Assen Vassilev, Bulgaria’s Deputy Prime Minister for EU Funds and Finance Minister, said that EU member states are exploring options to introduce a crypto payment mechanism.

According to Bloomberg News on Friday, Vasilev Say The government is in discussions with the National Bank of Bulgaria, as well as industry players, to explore crypto payments “in the short to medium term.”However, he added that Bulgaria is unlikely to be a major center for crypto miners — many are reportedly Consider leaving Kazakhstan Amid political unrest and internet outages.

213,519 bitcoins (bitcoin) from the criminal underground network before the 2017 bull run — worth about $3.5 billion at the time, but more than $8.2 billion at the time of publication. It is unclear whether officials sold or auctioned cryptocurrencies or continued to hold digital assets at the time.

As a member of the European Union, Bulgaria is one of only eight countries that has not yet adopted the euro and will not necessarily benefit from it. Introducing the digital euro among participating central banks. In June 2021, government and Bulgarian National Bank officials said they intended to adopt the euro starting in 2024.European Central Bank President Christine Lagarde said in March that digital currencies May not launch until 2025, if not later.

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In 2021, a U.S. federal jury found Rossen Iossifov, owner of Bulgarian cryptocurrency exchange RG Coins, conspiracy to extort racketeering and money laundering. The Bulgarian national collaborated with others in a scheme to defraud approximately 900 Americans of more than $7 million. He was sentenced to ten years in prison.