The Polish Association of Bitcoin seeks protection against alleged bank seizures
According to reports, the Polish Bitcoin Association appealed to the Polish Office of Competition and Consumer Protection (OCCP) to protect the country’s cryptocurrency sector from what it perceives as a growing embargo targeting virtual currency companies by the government. Polish financial institutions.
The Polish Association of Bitcoin has accused several banks in the country of trying to restrict competition by refusing to provide financial services to cryptocurrency companies. The association recently filed a complaint with the OCCP requesting the regulator to initiate an investigation into the alleged bank embargo, and impose sanctions where appropriate.
The complaint of the Polish Association of Bitcoin accuses “15 financial institutions” of refusing to provide bank accounts to 52 entities in the nascent cryptocurrency sector of the country, adding that these banks have also unfairly closed the accounts of 25 other entities. The lawsuit describes that mBank has the most “shameful” record among Polish banks, claiming that it has “made 9 denials and closed 3 accounts”.
According to an approximate translation of the lawsuit, “the effects of the described actions of the banks are clearly aimed at eliminating virtual currency entities from the market, despite the fact that such activities are legal and carried out with dignity. In light of the foregoing, the action of the regulators is necessary, and this notice and its requests are fully substantiated. ”
The Polish Association of Bitcoin states that the alleged restriction of financial services to cryptocurrency companies has occurred without a legislative mandate, emphasizing that there is no prohibitive regulatory regime on the exchange of cryptocurrencies.
Earlier this month, the Polish Financial Supervision Commission published a document that seeks to clarify the legal status of cryptocurrency in the country, in which the control body stated that “there are no regulations that prohibit the trade of cryptocurrencies.” The publication also expressed the intention of the Polish Financial Supervision Commission to develop and introduce a regulatory device belonging to bitcoin and alternative cryptocurrencies during July.
Earlier this week, a survey conducted by Ipsos for ING found that Polish citizens are among the most expert in virtual currency in Europe, and 77% of respondents expressed familiarity with cryptocurrency. The survey found that only one European nation produced a higher percentage of respondents who had heard of cryptocurrency, and 79% of Austrians discovered they were familiar with the virtual currency.
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