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Bankers caused the crackdown on Bulgaria’s Bitcoin exchanges

Dec 08, 2017 Posted /  11914 Views

Bankers caused the crackdown on Bulgaria’s Bitcoin exchanges

In an overnight change of events, Bulgaria’s major banks blocked the various cryptocurrency exchanges in the country. The move caused a major setback to the customers who were depending on legacy banking for their cryptocurrency exchanges. It is notable here that Bulgaria and its circumventing neighboring states had accepted the bitcoin and other cryptocurrencies along with the financial independence of the decentralized information model.

The ban was being speculated by most of Bitcoin forums in the country since a long time. It is, however, very disappointing for the cryptocurrency enthusiasts and all the more unacceptable as now stirring fiat currency in and out of the exchange will be more difficult.

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Bulgaria is basically a tech-savvy country and it is contemplated that the country’s legacy banking system has adopted this strategy out of self-interest rather than at the orders of the state. Even the exchange owners are stating that the decision is taken because of the bank owners’ self-centeredness rather than any regulation for the benefit of the country. It seems that the crypto lovers in the Bulgaria are propelled one after the other as the ethereum trading was stopped in the country due to network congestion caused by cryptokitties last week.

In May 2017, Bulgarian law enforcement conducted series of raids and seized approximately 213,000 Bitcoins’ storage. The shutdown depicts that Bitcoin’s success is terrorizing bank owners since many powerful corporations around the globe are aiming for a blanket ban over cryptocurrencies.

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Tags: crypto exchanges bitcoin exchanges Bitcoin’s success Bitcoins’ storage cryptokitties ethereum trading Bulgarian law

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