Bulgaria Stock Exchange introduces Bitcoin and Ethereum ETNs

TL;DR Breakdown

• The Bulgarian Stock Exchange (BSE) allows local investors to place bets on the price movements of Bitcoin (BTC) and Ether (ETH).
• The Bulgarian government is considering a number of options for implementing a cryptocurrency payment system.

According to reports, the Bulgarian Stock Exchange (BSE) has enabled local investors to gamble on the price fluctuations of Bitcoin (BTC) and Ether (ETH). Furthermore, Finance Minister Assen Vassilev claimed that Bulgaria is looking into options for introducing a cryptocurrency payment mechanism.

Bulgarians betting on BTC and ETH

According to local reports, investors from Bulgaria can now wager on the price fluctuations of Bitcoin and Ether, the two most valuable digital assets. BSE’s initiative may be interpreted as an effort to keep up with other global exchanges that have been offering similar services for a long time.

However, traders are not permitted to purchase digital currencies directly. Instead, they are to invest in exchange-traded commodities (ETCs). Additionally, investors can also use exchange-traded notes (ETNs), which provide them with exposure.

In the past, BSE International has traded shares of global leaders such as Apple, Samsung, Porsche, Volkswagen, Pfizer, and Moderna, among others. BSE intends to list four additional cryptocurrencies ETFs in the near future. These funds are VanEck ETP, 21Shares, ET Issuance, and Wisdom Tree.

In terms of crypto regulations, it appears like Bulgaria is attempting to embrace the digital asset world. Last month, Assen Vassilev, Deputy Prime Minister and Minister of Finance, announced that the government plans to look into crypto payment options. However, Assen felt that the country could not become a major mining center in the digital asset sector.

Bulgaria’s fragile history with cryptocurrencies

To a certain extent, Bulgaria isn’t among the countries that capture global attention in the crypto industry. There have never been this many nations before. The crypto market norms are quite basic. They adhere to the principle that investors in a given country do not require a license to enter the cryptocurrency sector. However, since Bitcoin and altcoins are taxable, several governments have focused their attention on the cryptocurrency market.

Bulgaria and cryptocurrencies have what may be described as a fragile history. According to 2017 news reports, the local authorities seized 213,519 BTC from unlawful miners during an operation against financial crimes. Even though the Balkan Interpol confirmed the incident, Ivan Geshev, the public prosecutor back then, denied it. His denial caused mass protests as thousands of people filled the streets of major cities accusing him of corruption and manipulation.

However, the fate of the country’s Bitcoin pile is unknown. According to some sources, they were sold, but it hasn’t been confirmed. If Bulgaria still holds onto its Bitcoins, it would make it one of the world’s biggest Bitcoin whales. Its worth is more than $9 billion in US dollars.