Bulgaria’s deputy prime minister for EU funds and minister of finance, Assen Vassilev, stated the EU member country is looking into the possibility of implementing a crypto payment system.
What did Bulgaria say?
According to a Bloomberg story published on Friday, Vassilev said the government was in talks with the Bulgarian National Bank and industry stakeholders to explore crypto payments “in the short to medium term.” However, he said that Bulgaria was unlikely to become a big crypto mining center, citing reports that many are considering leaving Kazakhstan due to political unrest and internet outages.
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Following the seizure of 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 government may still be one of the world’s top HODLers. It’s unknown if officials sold or auctioned the crypto at the time, or whether they still have them.
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.
A world-wide FUD?
Meanwhile many states from around the world have grown increasingly skeptical of cryptocurrencies. Pakistan had witnessed a multi-million dollar crypto scam, after which many government officials called for an all-out ban on cryptocurrencies. Although no official statement regarding the ban was made, there certainly is an air of uncertainty.
Additionally, Russia’s central bank also recommended prohibiting the usage and mining of cryptocurrencies on Russian soil. It detailed the dangers it posed to financial stability, citizens’ well-being, and the country’s monetary policy autonomy.
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An EU regulator has also called for a ban on proof-of-work crypto mining, in order to save renewable energy.
As uncertainty looms over the crypto-verse, investors seem to be engulfed in FUD. The market is in a wary bearish run, while new investors are seeking to make their way in to buy the dip. What’s left is to sit tight and watch how the market reacts in the coming days.