Bulgaria is looking at crypto payment options

Bulgaria is looking at crypto payment options, reveals the Finance Minister of Bulgaria. Let’s find out more details about this.

Introduction

Bulgarian Finance Minister and the deputy Prime Minister for EU Funds, Assen Vassilev, has revealed that Bulgaria is now looking at options for introducing a new a crypto payment mechanism.

Background of the news

The finance minister in an interview to the Popular news media website Bloomberg, and gave his comments on this issue. He said that the Government and the Central Bank of Bulgaria, the Bulgarian National Bank are looking for crypto payment options.

The Bulgarian authorities are in discussion with major industry players on their idea to “explore crypto payments in short to medium term”. However, he made it clear that Bulgaria is in no mood to become a mining hub. This statement is because of the Kazakhstani crackdown on Cryptocurrency Mining after the power crisis and political situation in Kazakhstan.

Bulgaria and its Digital Currency plans

It is worth mentioning that Bulgaria is a member of the European Union. However, Bulgaria is among the only eight countries of the EU to not adopt the Euro. As a result, Bulgaria won’t be getting any benefit from the Digital Euro launch in the near future.

However, Bulgarian authorities, in 2021 expressed their interest to adopt Euro as legal tender. The Government and the Central Bank said that they will hopefully adopt the Euro in 2024.

Additionally, the European Central Bank presidento, Christine Lagrade revealed that while the development of the digital currency is going smoothly, they might still be not ready for launch until 2025. Also, the actual launch can even be later than this speculated date.

Conclusion

Bulgaria is looking at crypto payment options, reveals the Finance Minister of Bulgaria. Let’s see what the country might come up with, in the future.

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