Bulgaria’s finance minister seeks to implement crypto payments

Bulgaria is also believed to be one of the biggest holders of cryptocurrency – the second-largest in fact. The country managed to seize and has been reportedly holding on to 213,519 Bitcoin (BTC). The currency was claimed by a criminal group back in 2017. At the time, BTC cost around $3.5bn, but today, its value is more than $8bn, despite the recent crypto crash, as prices continue to fall.

Essentially, Bulgaria owns more BTC than crypto-friendly El Salvador which shifted towards a crypto economy in September 2021 and so far, has accumulated around 1,800 BTC. However, the country has been particularly slow to respond to clamping down on domestic fraudsters who have been resurfacing according to reports by investigative journalists shared on social media.

The country’s most notorious crypto scam was conducted by Ruja Ignatova, dubbed the ‘queen of crypto’, who persuaded people worldwide to invest heavily into her venture, OneCoin. Then she disappeared. For Vassilev to implement crypto into the day-to-day lives of Bulgarians, who are still the poorest in the European Union according to Eurostat data, the minister would need to create clear-cut rules that protect consumers. In the meantime, as Bulgaria is figuring out its crypto payments, you can take your BTC and try your luck at Bitcasino, 1xBit or FortuneJack.

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Updated: 01/25/2022 — 12:00