Cryptocurrency, Featured

Polish Bitcoin Association Challenges Banks

The Polish Bitcoin Association has initiated a challenge to banks over supposed refusals to offer their services to firms in the business of cryptocurrencies.

Poland has not had the preeminent history with cryptocurrencies. Previously back a news major asked whether the European country was turning to be a crypto-authoritarian state after it disagreed that under new taxation provisions for the cryptocurrency, investors may end up paying additional than 100% of their earnings in tax. Still, sometime before that, it appeared that the Polish Bank was falling anti-crypto ads into YouTube videos in an effort to deter would-be investors from taking on the risk.

At the present it appears the method is getting blunter; many crypto-related businesses in the state claim that they have been refused service by banks since of their links with cryptocurrency. With a response to this, the Polish Bitcoin Association had sent a plea to the Office of Competition and Consumer Protection to interfere under breach of competition rules a Coin Desk report confirmed. The letter was filed on the 26th of June.

Inside it, the PBS is said to have named 15 organizations which are said to have deprived of services to 52 entities, in addition to closing the accounts of 25 entities. The PBS goes on to assert that a complete list of these refusals is held by MBank, one of the state’s main financial institutions, which itself it seems that made 9 refusals and closed 3 accounts linked with crypto.

It remains however unclear whether the OCCP will pursue the case. Poland’s seemingly conventional approach toward cryptocurrency in the past has provoked doubts of where the nation will head regarding the new asset class. Some have expressed fears that it may take a guide from more hard-line instances like China in its conservatism. On the other hand, in spite of the government’s apparently nonconstructive stance, it remnants true that there have been no real laws approved targeting cryptocurrency openly.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Nagasunder Sharanappa is highly experienced in Content Management and development, Customer Escalation Management ,Payment Operations and Business Process Outsourcing Industry.

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