Cryptocurrency traders in Poland launched a petition to protest the government’s decision to tax all cryptocurrency transactions, even those that aren’t profitable. “We are demanding the release of the blockchain technology market and the abolition of all taxes related to this industry,” according to the Change.org petition, which has already been signed by more than 2,700 people.
In the petition, Polish crypto traders say the new regulations mean that the money they had invested in bitcoin and other virtual currencies will effectively be taxed “hundreds or even a thousand times.”
The brouhaha erupted after Poland’s Finance Ministry published an interpretation of the country’s tax code last week. The Finance Ministry said all income from crypto transactions are subject to either an 18 percent or a 32 percent tax rate.