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Bulgaria can pay off 1/5 of the state debt because of Bitcoin

After the secret arrest of the underground crime network, Bulgaria has seized enough Bitcoin to pay off a fifth of its state debt.

12.Dec.17 1:00 PM
By Daria Zaytseva


Bulgaria can pay off 1/5 of the state debt because of Bitcoin

According to ZeroHedge, the Bulgarian crime enforcement agency and the Southeast European Law Enforcement Center caught 23 Bulgarian criminals and confiscated a total of 213,519 Bitcoins - about $3.5 billion.

The syndicate has hacked Bulgarian customs computers, in effect allowing them to import goods without paying the prescribed duties. With the help of several corrupt officials, the group installed viruses on customs computers to provide remote access.

SELC said that the group consisted of five Bulgarian customs officers, and others - from the former Yugoslavian states.

The most intriguing part of this story is Bitcoin's incredible value and what the Bulgarian government plans to do with it. SELC confirmed that when they captured the wallets, Bitcoin was estimated at $2354, now it has already passed for $16 thousand.

According to National Debt Clock, Bulgaria's national debt is $16 billion, so they could take a big chunk out of it if they use their new wealth of Bitcoin.

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