By Shelly Melancon (Switzerland)
The Deputy Prime Minister in charge of EU Funds as well as the Minister of Finance have reportedly cited in an interview by Bloomberg that the government and the industry’s stakeholders alongside the Bulgarian National Bank are presently having interactions in relation to the implementation of the crypto payment initiative.
Bulgaria at the moment, which is one country not included in the Eurozone, has made considerable plans to initiate a digital currency payment resource which will be backed up by the Bulgarian government on a basis of short to medium term.
With the government taking ardent moves to buttress its financial ecosystem through the crypto payment initiative, Bulgaria presently is set to take on a pact to be a part of the Eurozone by the year 2024. In relation to this period, plans are also being set in place for Bulgaria to switch from its initial currency which is the Lev, to Euros.
Accordingly, the European Central Bank (ECB) has plans to develop the Central Bank Digital Currency (CBDC), regarded as the Digital Euro, which is made for countries that use the Euro. Bulgaria, for the short term will not partake as a recipient of this CBDC usage.
Bulgaria doesn’t really fall under the prominent and distinguished countries with a large grip on crypto-related activities. Not withstanding, it is rated as one of the countries possessing the largest assets on Bitcoin in its terrain. The country had taken into it’s custody in the year 2017,Two Hundred and Thirteen Thousand , Five Hundred and Nineteen (213,519) Bitcoins which was reportedly obtained during the period of the bull run that year, from a discrete crime network.With little information as regards the funds that were seized, it is not certain to state for sure if the coins have been auctioned off by the country or still within their possession.
The idea of Bitcoin and initiation of digital currency is being welcomed by various countries in diverse ways. From El Salvador being all bullish and optimistic as regard digital currencies, hence accumulating them at every given chance of a price dip to China successfully putting a ban on all transactions that are crypto-related from its grounds.The reactions just continue to vary from several countries, some being receptive while others are totally against the idea.
Crypto trading implementation by Bulgaria based on short to medium term will relatively pump the usage of Alt coins and Bitcoin across the board by the Balkan nation. Bulgaria will have to hasten up its plans as regards the crypto program implementation before it successfully becomes a part of the Eurozone by 2024.
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