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Crypto ATMs in Sofia Thwart Stubborn Banks, But Change Is On the Way in Bulgaria

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Crypto ATMs in Sofia Thwart Stubborn Banks, But Change Is On the Way in Bulgaria

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Bulgaria has been through some lean times recently in crypto space due to bank crackdowns, but perhaps the rise in Bitcoin ATMs in the country’s capital Sofia may invigorate local enthusiasm at least.

Bitcoin News reported recently how banks have taken a largely prohibitive stance towards the trading of cryptocurrency, partly due to the failure of the Bulgarian government to produce any forward-thinking legislative policy in this space.

Recent moves, through a document published by the country’s regulator, is a small step forward, although the new ‘Financial Technology Monitoring Strategy in The Non-Banking Financial Sector’ directive is more likely to have been brought about due to money laundering concerns following the country’s recent $1.4 billion seizure. The FSC clearly defined where its concerns lay in a statement from the document.

“The challenge for the non-banking financial sector is to balance the benefits of the introduction of cutting-edge technology and preserve financial stability and safety for consumers and investors in the sector.”

However, some of the other aims are positive for investors wanting to see more acceptance countrywide rather than be overly concerned about crime, such as review licensing, registration and the creation of innovation hubs. It remains to be seen what is the government’s next move once it moves its legislation forward.

Good news for Bulgaria though is that the population still want Bitcoin, despite banks’ attempts to tarnish its reputation. As such, the latest ATM is about to arrive in the capital Sofia, enabling locals to exchange a number of cryptocurrencies with fiat. The new machine is quite versatile accepting three fiat currencies, euros, dollars and levs and will be able to print paper wallets along with providing the buyer with cryptocurrency.

This is the third ATM now in Sofia with one installed in 2014 and another the following year. The new machine shows that crypto’s popularity amongst Bulgarians is still on the rise. The ATM is located on the way to the country’s international airport and can be used by both locals and visitors. The facility launched by DG Cash stated on Facebook that:

“The exchange rates of the cryptocurrencies applied at the ATM are almost identical to the ‘We Buy’ and ‘We Sell’ rates on our website and the commission we collect is approximately 3% of the market price as it is included in the exchange rate,”

The device will accept transactions of up to $6000 and supports a number of languages including Bulgarian and English.

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