Bitcoin regulations have been the topic of various economic discussions in the EU, Commonwealth and World Economic Forum level talks. Even individual Governments and Central Banks are keeping a close eye on developments in cryptocurrency sector. Some of them have already gone ahead to draft and implement regulations.

In Poland, some of Members of Parliament had called upon the Ministry of Finance requesting information about the status of Bitcoin regulations in the country. In their request for information petition, they are said to have referred to rising rate of online crimes including hacking, phishing, piracy etc. and attributed it to the increasing influence of digital currency in the nation.

According to a report by a cryptocurrency news publication Coindesk, the Ministry of Finance has mentioned that any regulations regarding Bitcoin and cryptocurrency has to be an EU level initiative for effective implementation. Speaking of the Ministry of Finance, it doesn’t have any plans at present to introduce any regulations targeted towards Bitcoin and other digital currencies. However, developments in the Bitcoin and digital currency sector is closely watched by concerned departments of the government.

Answering the question about whether the Ministry has any indications that the digital currency is being used as a tool to launder money or finance terrorism or any other anti-national elements, the Ministry has responded that there are not any such instances so far in Poland. The Ministry further supported its statement by stating that the country’s taxation department has not reported any suspicious activities which may be linked to money laundering or attempts to fund terrorism outfits.

While the Office of the General Inspector of Financial Information continuously monitors Poland’s financial sector, keeping an eye out for any money laundering and terror financing activities occurring in Poland’s financial ecosystem, the Ministry also states that it is also necessary to educate people about the various risks and benefits of using Bitcoin and other digital currencies in order to prevent its misuse.

Most countries around the world are still contemplating about drafting bitcoin regulations. Like Poland, they are also interested in a unified regulatory approach which can be effective against cross border and domestic violations alike.

Image: The Telegraph

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