Banks vs crypto-buisness in Poland
There will be story.
Not a fiction, just pure facts.
As a board member of the Polish Association of Bitcoin I am pleased to announce the submission to the President of the Office of Competition and Consumer particular letter.
A letter that presents the existing situation in Poland.
A letter that, step by step, explains how Polish companies are forced to close their activities, or to transfer it to another country.
A letter that I want to summarize here.
We collected information from the Association members and sympathizers which banks are causing problems.
A list of 15 banks was created, which either did not allow opening an account or, what is worse, closed already existing ones.
In each of the 70 cases collected, as the basis for termination, the banks first pointed to the "unregulated status of cryptocurrencies" under Polish law.
This implies two things:
- 15 different banks operate together and in agreement
- the "what is not prohibited - is allowed" law is not respected in Poland
Doing business in Poland requires a bank account.
That's the law.
You can not even pay taxes differently than from a company account.
By blocking the possibility for companies to set up an account, banks make it impossible to start operations.
By closing existing agreements - banks are forcing companies to close their businesses. Or to move out of the country.
And they do. Move out.
The biggest company that moved abroad was BitBay.
A company whose daily turnover has often exceeded the turnover of the Warsaw Stock Exchange.
In our opinion, the actions of banks are incompatible with the right to free competition in Poland.
Action against this law is prohibited in our Constitution.
Put simply, banks see crypto-currencies as a competition and do everything possible to prevent the development of businesses related to them.
This is why we are calling the President of the Office of Competition and Consumer to make an action.
An activity that will allow Poland to once again be at the forefront of global cryptocurrency businesses.
For an activity that will allow these businesses in Poland to exist at all.
Remember this article? https://cointelegraph.com/news/poland-officially-recognizes-trading-in-bitcoin-and-other-cryptocurrencies
It was barely year ago.
We can only guess what happen in mean time.