Recently the Finance minister of Bulgaria announced that the country is likely to become a major hub for crypto miners amid the surge in crypto adaption globally. The decision came after many are considering leaving Kazakhstan, a previous hub of crypto miners that are currently going through political instability.
According to Assen Vassilev, the deputy prime minister for EU Funds and minister of Finance in Bulgaria. There are multiple plans in the process to explore options for publically rolling out crypto payments.
The official further explained that the Bulgarian National Bank, the government, and other major industry players are collaborating to explore crypto payment mechanisms. The mechanism will be applicable in the coming years.
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According to the official, Bulgaria is moving forward to become the new hub for miners as a neighbouring country. For example, Kazakhstan is experiencing political instability and disruptions which is pushing miners to consider leaving the country. Bulgaria is a member of the EU, that hasn’t adopted the euro yet. This can likely elevate its stance when it comes to adapting the digital currency.
The Bulgarian government is also known for being one of the biggest BTC holders and seized around 213,519 Bitcoin (BTC) from an underground crime network that was around $3.5 billion roughly at the time it was discovered.
It is safe to say that — the government will take a decision-directed toward adapting a user-friendly crypto payment mechanism. This will benefit the government from resisting the euro being a member of the European Union.
The aspiration behind This
Last year, a government jury of the US captured a proprietor named Rossen Iossifov of a Bulgaria-based crypto trading platform called RG Coins. He was announced guilty of conspiracy to submit racketeering and illegal tax avoidance. Bulgarians also teamed up to cheat almost 900 Americans of around $7 million.
The suspect condemns to a decade in jail later. This led the government to take decisions and come up with a secure and protected crypto payment mechanism.
The other thing that is inspiring the government to take this decision is observing the political turmoil in Kazakhstan. This political turmoil has opened the door for many countries surrounding Kazakhstan to participate in becoming the next mining hub.
On the other hand, the public authority and Bulgarian National Bank authorities are expecting to take on the euro in 2024. European Central Bank President Christine Lagarde indicated fully implementing the crypto mechanism until 2025. The government is taking these steps to ensure that euro will assist the economy by overlapping the loopholes in it along with a collaboration with multinational companies.
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