Bulgaria aims to launch a government-backed digital currency payment program “in the near to medium term,” even though it is currently outside the Eurozone.
According to a Bloomberg story quoting Assen Vassilev, Bulgaria’s deputy prime minister for EU Funds and Finance minister, the government is now discussing the crypto payment plan with industry partners and the Bulgarian National Bank.
Bulgaria will not benefit from the use of the CBDC in the immediate future since the European Central Bank (ECB) plans to develop the Digital Euro Central Bank Digital Currency (CBDC) for nations that use the Euro. However, the country does have an agreement to join the Eurozone in 2024, during which time it will move from its present currency, the Lev, to Euros. The government is taking more proactive steps to strengthen its economic environment with the crypto payment program.
Bulgaria is not one of the most well-known and well-known crypto-focused countries. Nonetheless, it is one of the Bitcoin custodians with the most assets. At the height of the bull market in 2017, the country seized 213,519 Bitcoins from an underground crime network. No one knows if the country has auctioned the coins or is still hoarding them because nothing is known about the seized monies.
Bitcoin and digital currency efforts are being embraced in various ways by several governments. While China has succeeded in prohibiting any crypto-related transactions from entering the country, El Salvador is a big believer in digital currencies. It has been stockpiling digital money whenever there has been a price drop.
Bulgaria’s decision to introduce crypto trading in short to medium term will encourage Bitcoin and altcoins across the board. Regardless of the breadth of its crypto program, the country will almost certainly need to accelerate its ambitions before joining the Eurozone in 2024.