Assen Vassilev – Bulgaria’s deputy prime minister for EU Funds and minister of Finance – reportedly revealed that the country is looking into the introduction of a crypto payment mechanism.

Specifically, Vassilev reportedly revealed that the authority held talks with the Bulgarian National Bank, together with different entities in the sector, to deep-dive into crypto payments “in the short to medium term.”

Nonetheless, he further claimed that the likelihood for Bulgaria to turn into a hotspot for crypto miners is not high when many are departing Kazakhstan due to political turmoil and disruptions to the internet.

The Bulgarian authority may reportedly still hold its place in the list of top major HODLers across the globe, following the nation obtaining 213,519 Bitcoin (BTC) from an underground crime network prior to the 2017 bull run – which is equivalent to approximately $8.2 billion in terms of value. 

It is reportedly still unspecified whether officials sold or auctioned the crypto at the time or keep on holding the digital assets.

As a member of the European Union, Bulgaria is reportedly among the only eight nations that are not utilizing the euro, and would not take advantage of the rollout of a digital euro among participating central banks. 

In June last year, the authority and Bulgarian National Bank officials reportedly disclosed their intentions of adopting the euro beginning 2024.

European Central Bank President Christine Lagarde reportedly remarked in March 2021 that the timeline for the official introduction of a digital currency might not be until 2025, if not later.

In 2021, a federal jury in America reportedly managed to locate the whereabouts of the owner of Bulgaria-based crypto exchange RG Coins, Rossen Iossifov, who was charged with conspiracy to commit racketeering and money laundering.