Bulgaria can pay off 1/7 of its debt thanks to Bitcoin
Bulgaria has seized enough Bitcoin to settle a seventh of its national debt, following an undercover bust of a crime network.
Bulgarian crime enforcement agencies worked alongside the Southeast European Law Enforcement Center during the operation.
23 Bulgarian underground criminals were arrested, and a total of 213,519 Bitcoins were confiscated.
The value of the seizure is valued at around $2.34billion.
The syndicate had hacked Bulgarian customs computers.
This hack essentially allowed them to import goods without paying the prescribed taxes.
The group installed viruses on government computers to allow remote access, with the help of a few corrupt officials.
SELC said in a statement that the group included five customs officials from Bulgaria.
The rest of the syndicate had ties to Yugoslavian states.
“The organized criminal group consisted of Bulgarian nationals with connections in the former Yugoslav Republic of Macedonia, Greece, Romania, and Serbia,” said SELC.
Paying off Bulgaria’s massive national debt
Perhaps most intriguing part of this story is what the Bulgarian government plans to do with it due to the incredible value of Bitcoin.
SELC stated that when they seized the wallets, Bitcoin was valued at $2354.
It has since grown in value and is now at around $11000 per coin.
In a statement to the press about the massive seizure, the Southeast European Law Enforcement Center said:
“As well, found in the Bitcoin wallets of the main suspects was a total of 213,519 Bitcoins.
“As reference, the value of one Bitcoin is over $2354.
“The offenders choose Bitcoin’s way of investing/saving the money because it’s rather difficult to be tracked and followed.”
Bulgaria’s national debt is currently around $16billion, according to National Debt Clock.
The country’s new Bitcoin fortune could go a long way in clearing that huge bill.
If they decide to HODL for a while longer, they may even be able to clear the whole lot with change left over…