The Legal Status of Cryptocurrencies in the World: Bulgaria. The Story is about the Largest Crypto-Financial Pyramid and where 200,000 Bitcoins Disappeared.

The Orion Finance team continues to inform traders about the cryptocurrency legal status in Europe and today we are into Bulgaria.

Bulgaria is a country in eastern Europe, which is famous for budget sea vacations and cryptocurrency amusing incidents. But first things first.

According to Bulgarian law, cryptocurrencies are not considered to be monetary means. The National Bank of Bulgaria warns traders that investing in cryptocurrency is a dangerous business. Therefore, if you want you can trade, but you are personally responsible for all risks. At the same time, Bulgarian tax authorities levy taxes on operations in cryptocurrency: individuals must pay tax on income from the sale of cryptocurrencies, similar to what is expected when selling other financial assets.

At first glance, there is nothing special to say about cryptocurrencies in Bulgaria: Bulgaria is an exemplary European country that announced in 2014 that it adheres to the EU rules regarding cryptocurrencies. At the same time, there is an interesting fact about Bulgaria: for some time, the Bulgarian government possessed more than 200,000 BTC confiscated during the investigation of cybercrimes. Later, according to statements of the Ministry of Finance, the assets were sold out to Asian funds, but no one knows exactly:)

Interesting things with cryptocurrency in Bulgaria do not end there. Who hasn’t heard of the sensational story with the startup One Coin? For reference, One Coin is a financial pyramid disguised as a new generation cryptocurrency that was supposed to “kill” bitcoin. The founder of the startup is originally from Bulgaria, racy Rouge Ignatova, who called herself the “crypto-queen”. She visited all kinds of events, actively attracting new investors. According to various estimates, from 4 to 15 billion euros were invested in the pyramid around the world. In 2017, Ruzha Ignatova flew from Bulgaria and hid in an unknown direction. She was accused of fraud.

So simple, at first glance, cryptocurrency Bulgaria is!