Poland | 2021

Cryptocurrency Adoption and trends in Poland in 2021



of Polish
own cryptocurrency

How many crypto owners are there in Poland?

It is estimated that over 900 thousand people, 2.50% of Poland’s total population, currently own cryptocurrency.

Crypto Market Sentiment in Poland

In November 2020, Polish authorities released the new PIT-38 (personal income tax) form to make it easier for Polish residents to report their crypto taxes. The Polish government does not consider crypto to be a “currency unit, a payment instrument, or electronic money.” Polish residents must provide financial statements from the crypto exchange they used to purchase and sell the digital coins to correctly report their profits from crypto trading. Polish residents can deduct investment costs from consecutive years. However, Polish residents may not deduct other sources of income, like the sale of shares.

Crypto’s rising popularity in Poland

  • Cryptonews: Poland Should Introduce CBDC To Protect Its Economy – May 2021
    Poland’s central bank will need to issue its central bank digital currency (CBDC), the digital zloty, to prevent other countries from imposing their own digital currencies on the Polish economy, Marek Dietl, CEO of the state-controlled Warsaw Stock Exchange (WSE), said during a recent panel discussion. “If we don’t introduce the digital zloty, then, whether we want it or not, we will find ourselves using the digital yuan, dollar or euro because it will be more comfortable to use and liquid,” Dietl said during a debate at the annual 590 Congress. The chief executive added that the digital zloty would introduce a wide range of benefits to Polish consumers, democratizing their access to various segments of the financial market, as reported by local news site Money.pl.
  • Cointelegraph: Polish city becomes first to adopt Ethereum blockchain… – November 2020
    Olsztyn, Poland is reportedly the first city in the world to leverage Ethereum’s blockchain to aid the provision of emergency services, offering yet another tangible use case for distributed ledger technology. Olsztyn has completed a successful trial run of SmartKey, a bridging technology that connects blockchain with physical assets, to aid in police, fire and ambulance services. SmartKey will reportedly enable rescue teams to perform their jobs more efficiently by connecting a smart contract to Teltonika smart devices that are used by local rescue teams. This connection enables emergency crews to enter any building in the city without having to track down a keyholder or wait for permission.
  • Cointelegraph: Major Polish Insurance Company Taps Blockchain for Its Paperwork – May 2020
    Polish insurance company Link4 has partnered with a regtech firm Coinfirm to streamline document correspondence and storage with a blockchain-based system. Called Trudatum, the blockchain-enabled tool developed by Coinfirm reportedly allows the firm to transfer and store electronic documents and ensure their immutability. For Link4’s customers specifically, it means that their insurance papers could be accessed and verified online, thereby reducing the overall amount of paperwork for the company.

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