Poland’s Fights for Crypto
Main page News, Cryptocurrency
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5 July

Polish Bitcoin Association (PSB) is striving to prove that the actions of local financial institutions are contrary to the Constitution of the country. The organization filed a petition against the banks, assuring that they are shading cryptocurrency companies and hampering the development of innovative technologies.

Initial coin offerings (ICO) are forbidden In Poland, but cryptocurrencies are not outlawed. However, regardless of the fact that digital assets are not prohibited, this doesn’t stop domestic banks from hampering their usage. PSB says that around 15 major banks in Poland are continuously refusing to open accounts for 52 crypto companies. At the same time, 25 bank accounts belonging to stock exchanges and enterprises connected with digital assets world were frozen.

PSB is aiming to fight what it perceives to be a discriminatory situation and has filed in a petition to the Office of Competition and Consumer Protection (OCCP). The Association stresses that banks be called to account and that strict sanctions should be imposed on them.

The landscape for crypto companies in the country remains unfruitful. For example, the BitBay Exchange has already left the country and moved its office to Malta, which on the contrary is open to blockchain technology.

In the meantime, countries all around the world are taking varying stances on cryptocurrencies. While India upholds the ban of digital assets while actively developing the distributed ledger technology (DLT), some in the UK’s government are pushing for mass adoption of the technology sighting efficiency it can bring to the public sector services.

By Ekaterina Ulyanova

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