15 Polish banks have been refusing to provide financial services to cryptocurrency firms. The Polish Bitcoin Association perceives this as an embargo meant to limit competition between the crypto world and the banking sector. The association recently appealed to the country’s Office of Competition and Consumer Protection (OCCP) to protect Poland’s cryptocurrency sector. The Bitcoin community hopes the consumer protection will investigate on the matter and impose penalties where applicable.
Cryptocurrency Is not Prohibited in the Country
There is no legislative structure prohibiting the exchange of cryptocurrencies. The Bitcoin, therefore, believes the financial restrictions placed against the crypto sector in the country are unrightfully. In early June, the Polish Financial Oversight Commission published a paper that sought clarification cryptocurrency’s legal status in Poland. The agency stated there was no legislative mandate in the country prohibiting trade in cryptocurrency. The regulatory body, however, remarked that plans were underway to develop a regulatory apparatus for the cryptocurrency. The plans are set to begin in July.
The Bitcoin Association’s Complaint
The association accuses 15 banks of failing to provide bank accounts to 52 cryptocurrency entities. The association further noted in its complaint that the banks had closed 25 more accounts without prior reason. The cryptocurrency community deems the move as unfair. One of the banks is alleged to have closed three accounts and refused to open nine entity accounts. Investors criticized the banking sector further claiming that it was aimed at completely uprooting cryptocurrency from the market.
The Polish Financial Supervision Authority had also staged a countywide campaign against cryptocurrency in May. The action gestured yet another war against cryptocurrency in the country just after the dismissal of Anna Strezynska, as the Minister of Digital Affairs.
In February the Polish central Bank paid $25,000 for the production of a video for campaigning against cryptocurrency. Gamellon, Google Ireland Limited, and Facebook Ireland Limited helped distribute the video around the entire country. The video attracted more than 500,000 views on Dubiela’s Channel alone; the video, however, contains no sign that it was initiated by the government because it looked unprofessional as well as it failed to distract cryptocurrency users from the trade.
The YouTube Krypto Video
The Poland cryptocurrency community created a documentary called Krypto, in which they aimed towards sensitizing and educating the public about cryptocurrency and Blockchain. The documentary was produced by a crypto enthusiast, Piotr Pacewicz who saw the need for the development of a better world through Blockchain technology. Within two days of uploading the video on YouTube, 22,000 people viewed it.
The Polish Bitcoin Association looks forward to also negotiate with the government on future tax regulations for crypto trade. Although there are no legislative mandates for taxing Blockchain merchants, the creation of such structures would be highly complex. Right-wing parties in the country are also in favor of Blockchain, and it seems they could offer potential support to the cryptocurrency community in Poland.