Bulgaria Stock Exchange Lists Bitcoin and Ethereum ETNs
The Bulgarian Stock Exchange (BSE) has reportedly enabled local investors to bet on the price movements of bitcoin (BTC) and ether (ETH).
In addition, Finance Minister Assen Vassilev stated that the nation is exploring options for rolling out a crypto payment mechanism.
BTC аnd ETH Bets Are Now Allowed
Bulgarian investors are able to bet on the price fluctuations of the two largest digital assets – bitcoin and ether.
The initiative does not allow traders to purchase cryptocurrencies directly. Instead, they will be able to invest in exchange-traded commodities (ETCs) and exchange-traded notes (ETNs), which will still grant exposure.
Shares of global giants such as Apple, Samsung, Porsche, Volkswagen, Pfizer, Moderna, and many more are already tradeable at the BSE International. Furthermore, the exchange plans to list four additional funds focused on cryptocurrencies – VanEck ETP, 21Shares, ETC Issuance, and Wisdom Tree.
Bulgaria seems like it is opening its arms towards the digital asset realm.
Last month, Deputy Prime Minister and Minister of Finance – Assen Vassilev – announced that the government intends to explore crypto payment techniques “in the short to medium term.” Nonetheless, he doubted that the nation could become a major digital asset mining hub.
“With BSE International crypto ETNs, investors are not committed to creating own crypto wallets or cryptographic keys, while receiving guarantees that the instruments they choose are systematically regulated and regulatory compliant”
Manyu Moravenov, the executive director of BSE said in a statement.
An alternative to cryptocurrencies, ETN is a debt security that tracks the underlaying index of security, but its prices fluctuate like stock rates. ETNs are like bonds, that do not require interest payments, a report by Investopedia explains.
“The investors looking for suitable innovative crypto products may now freely trade in eight crypto ETNs offering for the first time in our country an alternative to the traditional cryptocurrencies” the official confirmation from BSE read.
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