Bulgaria has more bitcoin in reserve than gold

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Bulgaria holds the second most number of bitcoins in the world. It currently has 213,519 bitcoins, which are worth 2.1 billion US dollars. The country only has 1.8 billion dollars of gold as compared to bitcoin. According to nomoretax.EU, Bulgarian law enforcement seized the cryptocurrency during an operation related to identifying cyber-crimes committed by an international group of hackers in 2017.

Bulgaria is an attractive destination for the crypto market as the law there doesn’t require an exchange to have a license to trade in cryptocurrency. The Bulgarian government has not revealed yet what are their plans to do with $2.1 billion worth bitcoins. According to some reports, the government there like the USA might decide to auction the bitcoin.

The government has not provided any clear picture of how they got this much bitcoin or how are they holding it. With the number of bitcoins they have if somehow they could find a way to convert it would be able to cover a large part of their GDP.

Cryptocurrency law in Bulgaria

As of now, there is no framework in the country that specifies the use of cryptocurrency. But profits made from cryptocurrency trading is taxed like any other asset, which is 10%, the lowest in the European Union. In the capital city, Sofia, there is an ATM which allows people to buy cryptocurrency by simply depositing US dollars, Euros, or Bulgarian levs.

With this much amount of bitcoin government of Bulgaria has left everyone wondering of how are they considering to spend this stash.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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