Polish financial institutions are doing everything possible to block the operation of crypto-currency exchanges and other bitcoin-related enterprises in the region. While some firms, including the exchange BitBay already left
country and moved in a jurisdiction with a more user-friendly cryptocurrency regulation, Polish Bitcoin Association (PSB) does not stop the fight. Recently, the Association filed a petition against the authorities of Polish banks in an attempt to get them to lift the ban on the service of cryptocurrency companies.
Polish Bitcoin Association (PSB) – the organization responsible for raising awareness about cryptocurrency and distributed technology registry in the country, has pledged to challenge the decision of local banks on the introduction of the ban on cryptocurrency exchanges, services and companies in Poland.
Currently in Poland there are no laws that prescribe punishment for trafficking of digital assets. However, according to the document PSB, about 15 major banks in Poland have refused to open accounts for 52 cryptocurrency firms. With 25 Bank accounts owned by the exchanges and companies related to the digital currency were frozen.
In this regard, PSB filed a petition in the Office for the protection of competition and consumers (OCCP). In the framework of the petition, the organization asks the authorities to encourage banks to order, as their actions contradict the Constitution of Poland. In the petition the PSB refers to the OCCP with a request to investigate the matter and to impose strict sanctions against banks that contribute to the impediments to development of innovations in the country.
It should be noted that most financial institutions in Poland consider cryptocurrencies as a threat to its existence. In February 2018, reports surfaced that the Central Bank of Poland in cooperation with the financial Supervisory Authority (KNF) paid
bloggers on YouTube for discredit cryptocurrencies.
The government is not against cryptocurrencies
In the same way as in China, in Poland it is forbidden to conduct primary placements of tokens (ICO). However, the government has made it clear that cryptocurrency trading is not illegal activity in the country. «Cryptocurrency trading assets and trading activities themselves are not prohibited by law, and therefore cryptocurrency transactions are lawful in the territory of the Republic of Poland,» said
KNF in June 2018.
Therefore, PSB intends to seek the lifting of the ban on the cryptocurrency service companies by the financial institutions. The organization said:
«The consequences of the described actions of the banks are clearly aimed at dealing with cryptocurrency companies from the market, despite the fact that such activities are lawful and conducted honestly. Consequently, regulators must take action, and the petition and the request is fully justified».
Poland is not the only country whose banks are opposed to the growth of the cryptocurrency industry. Some other Bank has developed draconian measures to control the industry or completely paralyzed the operations of exchanges, closing their Bank accounts.
For example, in may this year, the Central Bank of Zimbabwe banned
banks to cater to cryptocurrency company. The Central Bank of this country is widely known for having made the hyperinflation of the national currency, which peaked in 2008, amounting to 79.6 billion percent. However, its members believe that cryptocurrencies carry a much greater risk to civilians.
In addition, now the world cryptocurrency community is monitoring the situation in India, where the Supreme court recently agreed
with the ban of the Central Bank of the country in the service of cryptocurrency companies. However, it was decided in the preliminary hearing is a final decision on the matter will be submitted
July 20. But the current mood of the Supreme court were not encouraging – it is very likely that the court will take over the Central Bank, which even failed to substantiate the reasons for the ban.
That is why the struggle PSB is so important. Earlier cryptocurrency community hoped that India will be able to create the precedent of a victory of kriptonyte over the Central Bank, but this, apparently, was not destined to happen. It is hoped that the efforts of PSB will bear fruit and that the positive decision of the regulators of Poland will become an example and beacon of hope for cryptomery in other jurisdictions.