As if it wasn’t enough that the deep cryptocurrencies in recent months have caused a stir, the banking institution Air Bank has recently been on fire, blocking all transactions targeting the cryptocurrency market to its clients.
Is transaction blocking really the right move?
Portal Czechcrunch notes that the magazine was the first to release this information to the public this week Pinge.cz. She commented briefly on the whole situation two days ago as well Air Bank belonging to the PPF group, which stated, inter alia, that it blocked transactions on foreign stock exchanges with virtual currencies for the purpose of “prevention of money laundering”.
If any of you are dealing with cryptocurrencies, you may have already noticed a warning when entering a payment for one of the…
Posted by Air Bank on Wednesday, July 7, 2021
Air Bank allegedly regrets the situation, but has no solution yet and it is still questionable whether it will reach any at all. The wave of criticism did not take long. The outraged commenters at the banking institution did not leave even the last thread dry, and in almost 500 comments the Air Bank explained that this is definitely not the direction the bank should take.
Spokeswoman Jana Pokorná exclusively for the Poney.cz website stated that Raiffeisen Bank International takes care of the processing of foreign payments for Air Bank, which simply decided not to make any payments related to cryptocurrencies. Furthermore, according to the spokesperson, this is already the internal policy of the correspondent bank, so Air Bank cannot do anything about it.
The world’s most famous cryptomen exchanges, such as Binance, Bitmex and Coinbase, are subject to strict regulations, so this step of the banking institution Air Bank is, to say the least, very questionable.
After a wave of turmoil caused by the Central Bank of China, which only recently expressed “major concerns” about global risks resulting from the use of some digital currencies (it does not like the group of so-called stablecoins, ie cryptocurrencies with minimal volatility, usually tied to government currencies or assets), so there are negative news for all cryptomen traders from the neighboring Czech Republic.
The cryptomen market is currently experiencing turbulent times, and after a long growth trend, there has been a correction and a sharp fall in Bitcoin. Last week, it fell to an important level of $ 30,000 and reached its 5-month low, while its value is currently slowly rising again.
FonTech.sk in connection with increased volatility of cryptocurrencies addressed four experts from Slovakia and the Czech Republic, who asked what is behind the current decline, whether it is currently a good time to buy cryptocurrencies and where they see the price of Bitcoin at the end of the year.
Taxation of cryptocurrencies in Slovakia is currently regulated according to methodological guidelines MF SR č.MF/10386/2018-721 to the procedure of taxation of virtual currencies, which entered into force on October 1, 2018.
Excluding the fact that the proceeds from the trade in cryptocurrencies can be reduced by demonstrably incurred costs of achieving them, which represent purchase prices and together with them any losses from the sale of other digital currencies or, for example, energy costs in their extraction, the final tax rate along with levies ranges in level minimum 33% and maximum 39%which is definitely not a small amount.
Directly in program of the Government of the SR there is information according to which regulators in areas color against legalization income with criminal activities will also create legislative framework adjusting cryptocurrency problem.
Of course, this does not say anything about any specific reduction or major changes in this rate, but here comes a package of measures of the Ministry of Economy (MH SR), which is being prepared package measures Kilečko 2 It also contains a specific measure to reduce taxes on cryptocurrencies, which, however, is formally “under the thumb” of the Ministry of Finance (MF SR).
Therefore, in connection with the announced changes, the FonTech.sk editorial office contacted both the Ministry of Economy of the Slovak Republic and the Ministry of Finance of the Slovak Republic and requested answers regarding the changes announced directly in the Government of the Slovak Republic program.
The Press Department of the Ministry of Economy of the Slovak Republic confirmed the proposals connected with the reduction of taxes on cryptocurrencies in the Kilečko 2 package of measures, while also confirming the existence of a larger initiative on the part of the EU, which the Ministry of Finance of the Slovak Republic is supposed to work on. Subsequently, the editorial staff referred the questions directly to the relevant ministry. The Ministry of Finance of the Slovak Republic refuted the statements of the Ministry of Economy of the Slovak Republic in a statement to the FonTech.sk editorial office and stated that it does not anticipate any changes in the principles of taxation of cryptocurrencies in Slovakia or in the EU