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Banks sued by Polish Bitcoin Association over cryptocurrency ban

Jake Hill
Jake Hill

The Polish Bitcoin Association is one of the most leading groups pertaining to cryptocurrencies in Poland. Recently, it sued the banks as they were not providing banking facilities to the cryptocurrency related forms. This was after the banks decided that no banking facilities will be provided to companies operating in the cryptocurrency space.

The office in front of which, this case has landed in the office of competition and consumer protection. It remains to be seen whether this case will be carried forward or whether it will be dismissed directly. However, this clearly indicates that the cryptocurrency related firms in Poland are not going to go without a fight.

Worried citizens:

Many of the Polish citizens are worried that the country is moving towards stricter laws or banning of cryptocurrencies and ICO like in China. That is why they are not at all happy with this particular move. Also, all over Europe, more and more people are looking to invest in cryptocurrencies. As a result, the potential is simply huge.

Also, according to the Bitcoin Association, ever since the withdrawal of the banking facilities, it has become very difficult for this particular sector to operate normally. That is why it is going ahead and suing the banks for the same. They are discriminating against a single industry.

So far, they have closed the bank accounts for 25 different entities. This clearly indicates that they are not interested in serving any of the cryptocurrency related institutions and companies. Moreover, 15 financial institutions have been denied the opening of their bank accounts. As a result, they are not able to start with their business as well.

No Government involvement:

Even though, there were rumors that this was done on behalf of the government but it was made clear recently that the government is not involved. Also, when you look at the legal system of the country, there is no prohibition of cryptocurrencies. As a result, the governments are acting on their own accord. This clearly indicates that cryptocurrencies are not illegal. That is why it remains to be seen whether this lawsuit continues or whether this lawsuit is actually dismissed.

With that being said, there are a few associations in the country which are fighting against this ban on Bitcoin. As long as, they are able to fight against it and the case gets admitted, there is a decent chance that the cryptocurrency companies will be able to once again enjoy the banking facilities in Poland.

bankBankingcryptopoland

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com