Bulgaria could become one of the few countries in the world to officially recognize digital currencies as legal tender, a new report has revealed. The country’s finance minister announced that the government is exploring digital currency payment options in partnership with industry players and the central bank.
In an interview with Bloomberg, Finance Minister and Deputy Prime Minister of European Funds Assen Vassilev said the government was exploring digital currency payment mechanisms “in the short to medium term”.
The government is in talks with the country’s central bank and digital currency industry players on the viability of the move, Vassilev said. However, he ruled out the possibility of the country becoming a block reward mining hub like some of its neighbors.
If he legalizes digital currencies for payments, Bulgarians will only be properly served by BSV, the only digital currency that has embraced Satoshi Nakamoto’s vision of peer-to-peer e-money, as outlined in the book. white bitcoin.
BTC has failed terribly as a digital currency and has been rebranded as an inflation hedge (which it clearly isn’t as it is highly correlated to stock market movements) as well as an asset held solely in speculative purposes. Other efforts to improve BTC have stalled, such as BCH, which made a very slight improvement by increasing the block size to 32MB. BSV scales without limits, allowing the market to dictate block sizes due to the number of transactions. , just as Satoshi had planned.
A South American country has already shown how catastrophic it is to try to use BTC as a national currency. El Salvador was bulldozed into making BTC legal tender by its fascist leader Nayib Bukele, who once described himself as “the coolest dictator in the world”.
The BTC charade in El Salvador has weighed heavily on citizens, many of whom are struggling to meet daily needs. Salvadorans don’t even transact on the BTC blockchain – they rely on the Algorand blockchain since BTC is unable to handle transactions beyond those focused on speculation and quick wealth.
And then there are the challenges of incompetence and outright fraud, like Salvadorans losing their money from their state-sanctioned Chivo wallets.
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