Bulgaria and the cryptocurrencies
This country is one of those EU member states which are waiting for a pan-European decision on cryptocurrencies. The government of Bulgaria has not succeeded in regulating the crypto industry yet.
Nevertheless, Bulgarian Financial Supervision Commission adopted the “Financial Technology Monitoring Strategy (Fintech) in the Non-Banking Financial Sector”. Same is published on the FSC website.
The document contains basic definitions of terms, such as cryptocurrency assets, virtual currency, smart contract, blockchain technology, ICO and more.
The tempo of Bitcoin business development is rather slow in Bulgaria: there are several bitcoins ATMs installed in Sofia, and also some exchanges operating. Anyway, the founder and director of BitHope Foundation Vladislav DRAMALIEV was positive in one of his interviews: “I think, Bulgarian crypto society is quite large and educated. Mostly these people are miners, but there are also enthusiasts who believe that the world needs bitcoin”
In contrary, Richard SHIBI, the international blockchain consultant, who resides in Sofia currently, is not so optimistic at all: “Bulgaria is a small country, and the IT sector is not well developed yet. Yes, there are many foreign IT companies around here, but they come mostly for Customer Support & Call Centres. I have not heard about a major player who has moved their R&D to Bulgaria yet. This leads us to the fact that blockchain which is just a tiny bit of the overall IT sector is almost absent in Bulgaria. There have been some ICOs here, but they raised little money. Nowadays things change very fast, and there is a chance that one day Bulgaria could provide blockchain services to other European countries. We do have private academies who work very hard to teach the local resources about blockchain software development. This process will take a few years, but the thousand miles journey starts with just one step forward.”
Used materials from https://www.novinite.com