{"id":186,"date":"2014-07-09T01:20:00","date_gmt":"2014-07-09T01:20:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/polish-finance-ministry-says-bitcoin\/"},"modified":"2014-07-09T01:20:00","modified_gmt":"2014-07-09T01:20:00","slug":"polish-finance-ministry-says-bitcoin","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/07\/polish-finance-ministry-says-bitcoin.html","title":{"rendered":"Polish Finance Ministry says Bitcoin can be used as financial instrument"},"content":{"rendered":"<div class=\"separator\" style=\"clear: both; text-align: center;\">\n<a href=\"http:\/\/www.europeword.com\/images\/poland\/polish-flag3.jpg\" imageanchor=\"1\" style=\"margin-left: 1em; margin-right: 1em;\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" src=\"http:\/\/www.europeword.com\/images\/poland\/polish-flag3.jpg\" height=\"266\" width=\"400\" \/><\/a><\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\n(<a href=\"http:\/\/www.coindesk.com\/polish-finance-ministry-says-bitcoin-can-used-financial-instrument\/\">CoinDesk<\/a>) Poland\u2019s deputy finance minister Wojciech Kowalczyk has released a<br \/>\ndocument confirming&nbsp;that under the country\u2019s existing financial<br \/>\nregulations, <a href=\"https:\/\/holytransaction.com\/page\/what-is-bitcoin\">bitcoin<\/a> can be considered&nbsp;a financial instrument.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nThe statement follows a previous&nbsp;inquiry from Michal Pacholski, an<br \/>\nopposition member of Parliament for the liberal Twoj Ruch (Your<br \/>\nMovement) party. At the time, Pacholski&nbsp;asked Poland\u2019s&nbsp;Ministry of<br \/>\nFinance&nbsp;to explain the legal status of bitcoin transactions.<br \/>\nSpecifically, his query focused on whether or not \u201coptions and futures<br \/>\ncontracts can be considered as a financial instrument\u201d if they are<br \/>\ndenominated in a digital currency.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nThe Finance Ministry replied that bitcoin fits within that legal framework, stating:<\/div>\n<div style=\"text-align: justify;\">\n<p><\/p>\n<blockquote><p>\n\u201cOptions or futures contracts which are based on<br \/>\n[bitcoin]&nbsp;as a base instrument can be considered as derivative<br \/>\ninstruments, and as such, they can be considered as financial<br \/>\ninstruments, according to the bill on financial instruments.\u201d<\/p><\/blockquote>\n<\/div>\n<h2 style=\"text-align: justify;\">\nBitcoin\u2019s legal status clarified<\/h2>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nIn&nbsp;the notice,&nbsp;Kowalczyk confirmed that&nbsp;bitcoin is not an officially<br \/>\nrecognized currency in Poland. He&nbsp;said in the policy document:<\/div>\n<div style=\"text-align: justify;\">\n<p><\/p>\n<blockquote><p>\n\u201cAn analysis of national regulations allows to conclude<br \/>\nthat bitcoin \u2026 is not a legally defined and universally accepted<br \/>\ncurrency, because it cannot be classified as either a national currency \u2026<br \/>\n or a foreign currency.\u201d<\/p><\/blockquote>\n<\/div>\n<div style=\"text-align: justify;\">\nPreviously, Pacholski had pressed&nbsp;the Finance Ministry&nbsp;on the<br \/>\npossibility of issuing options and futures contracts in the form of<br \/>\nderivatives based on bitcoin market indexes. These issuances, he said,<br \/>\nwould be similar to the derivatives which are based on stock market<br \/>\nindexes.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nKowalczyk\u2019s document confirms that these&nbsp;instruments may&nbsp;be made<br \/>\navailable to Polish investors. This, the Finance Ministry said, is in<br \/>\naccordance with the country\u2019s&nbsp;banking services regulations.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<h2 style=\"text-align: justify;\">\nRegulators accept bitcoin usage<\/h2>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nUltimately, the Polish government statement on bitcoin\u2019s use in<br \/>\nderivatives markets&nbsp;suggests the continued evolution of government<br \/>\npolicy toward digital currencies in Poland. While bitcoin&nbsp;can be used as<br \/>\n a medium of exchange and financial tool, it remains unrecognized as a<br \/>\nlegal currency by regulators.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nThis policy stance has been stated by Poland\u2019s financial regulators in the past, including officials from the Finance Ministry.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\nSpeaking at a seminar held at the Warsaw School of Economics (SGH) <a href=\"http:\/\/www.coindesk.com\/polish-official-bitcoin-not-illegal\/\">in December<\/a>,<br \/>\n Szymon Wozniak, a Finance Ministry representative, said that the<br \/>\nministry does not consider bitcoin to be illegal, but it does not<br \/>\nconsider it to be a legal currency either. He remarked:<\/div>\n<div style=\"text-align: justify;\">\n<p><\/p>\n<blockquote><p>\n\u201cWhat is not forbidden is permitted.&nbsp;However, we certainly cannot consider bitcoin to be a legal currency.\u201d<\/p><\/blockquote>\n<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>(CoinDesk) Poland\u2019s deputy finance minister Wojciech Kowalczyk has released a document confirming&nbsp;that under the country\u2019s existing financial regulations, bitcoin can be considered&nbsp;a financial instrument. The statement follows a previous&nbsp;inquiry from Michal Pacholski, an opposition member of Parliament for the liberal Twoj Ruch (Your Movement) party. At the time, Pacholski&nbsp;asked Poland\u2019s&nbsp;Ministry of Finance&nbsp;to explain the legal [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,191,508,542],"tags":[764,871,1167,1201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Polish Finance Ministry says Bitcoin can be used as financial instrument -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/07\/polish-finance-ministry-says-bitcoin.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Polish Finance Ministry says Bitcoin can be used as financial instrument\" \/>\n<meta property=\"og:description\" content=\"(CoinDesk) Poland\u2019s deputy finance minister Wojciech Kowalczyk has released a document confirming&nbsp;that under the country\u2019s existing financial regulations, bitcoin can be considered&nbsp;a financial instrument. 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