Bulgaria, Cryptocurrency and the Law – Novinite.com

If you’re not familiar with Bitcoin (btc) and other cryptocurrencies or familiar with Bulgaria, you may be surprised that cybercurrency mining is popular in the country. Cryptocurrencies are a form of virtual of currency which operate on a system of trust and decentralization, using an underlying technology called blockchain.

Cybercurrency and the Bulgarian authorities

When it comes to cybercurrencies, the Bulgarian authorities aren’t welcoming. They don’t regulate them because they don’t recognise the currencies as legal tender. It also means that people who create cybercurrencies don’t require a license to issue it, unless they’re trading financial instruments which have cryptocurrencies as underlying assets.

Taxation

The fact that authorities don’t really smile upon cryptocurrencies doesn’t mean they’ve ruled them out completely. Although Bitcoin mining isn’t regulated, for instance, individuals who do mine for this cryptocurrency (and others) must pay 10%…