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24/05/19 07:15 UTC-4

Financial geography. Cryptocurrencies in Poland

Cryptocurrencies in Poland. Finance geography
Cryptocurrencies in Poland. Finance geography

The Republic of Poland is one of the largest countries in Europe, which is the 36th largest in the world in terms of population. Logically, such a large unitary country always needs new financial technologies to maintain its economic condition.

In this article we will talk about cryptocurrencies in Poland, as well as how the local population and government treat digital assets.

 

Investing in cryptocurrencies in Polish

In May 2018, the Polish Financial Supervision Authority (KNF) launched a national advertising campaign to disseminate information about the possible risks for cryptocurrency investors. The campaign lasted about six months. For it were shot special commercials, which were broadcast via Internet channels.

A series of information booklets was also developed, which were distributed to institutions of higher education, business offices (centers), as well as immediately before the beginning of the ICO.

Interesting in the section: ICO and its main characteristics

 

Crypto-startups in Poland

With a very negative attitude of local financial regulators to investing in cryptocurrencies, they still support blockchain-startups. For example, in January 2019, the same Polish Financial Supervision Authority (KNF) gave state licenses to Coinquista and Bitclude blockchain startups.

As is known, the development of blockchain technology in the country is welcome. Startups for full operation must be registered, pass the test for licensing, and be ready for annual visits of tax authorities. At the same time, there are pluses in the form of government payments (scholarships) to support research on the technology of a distributed book.

 

Scandals with cryptocurrency exchanges

In 2015, a scandal about the cryptocurrency regulation of local exchanges flared up in Poland. In February, BitMarket, the most authoritative Polish cryptocurrency exchange, was closed at the initiative of the Central Bank of Poland. Also, the bank, Bank Zachodni WBK, which had digital accounts, began to close them, canceling the support of crypto by the beginning of 2016.

Exchange scandals continued until 2018 and ended with the introduction of a 32% tax on corporate cryptocurrency activities. For comparison, the usual corporate tax in Poland is only 14% (plus 1% of civil agreement fees).

 

Bitcoin ATMs in Poland

In 2018, the first Bitcoin-ATMs appeared in Poland. The first services are in Gdansk and Bialystok in large shopping centers, "Manhattan" and "M". ATMs support three cryptocurrencies: Ethereum, Bitcoin and Litecoin.

 

Food for cryptocurrency

The largest Polish food delivery service, Pyszne.pl, in 2017 began to accept cryptocurrencies. The innovation took place after the purchase of the service by Dutch investors. According to the information, today Pyszne.pl serves more than 8 thousand catering establishments. The average number of customers is 955 thousand. At the same time 7% of users are calculated crypto.

 

Unfortunately, the development of cryptocurrency and blockchain technology in Poland is far from cloudless. Compared to neighboring countries, the Polish government is not making any efforts to develop technical innovations in the country. Now, local cryptocurrency exchanges operate in the framework of small Bitcoin exchanges and cannot reach the world level.

Recall that we have already written about the world's automotive stores and services, where everyone can buy a car for crypto.

Editor: Alyona Nabok

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