The Polish Finance Ministry, via a new decree, has implemented a new law requiring every cryptocurrency transaction to be subjected to a flat 1% economic tax levy.
Known as the Civil Law Operation Tax or the PCC, the new law strictly requires a 1% surcharge fee on all monetary transfers within 14 days from the date of the start of transaction.
Furthermore, the government also requires an additional 18%-32% income tax for altcoin savings of cryptocurrency traders and owners.
The new tax laws has caused massive outrage within the national crypto community and has rendered many traders helpless as Poland’s tax season comes to a close and all citizens are required to file their federal taxes by April 30.
Following the introduction of the PCC, the crypto community in Poland has expressed strong opposition to the new impositions. The new tax levies do not only come off as harsh, but they have also caught digital traders unawares, with the government not providing any prior notice or clue of such an extreme economic overhaul.
The crypto community believes that the introduction of the PCC will significantly impact investments in the cryptocurrency industry and thereby stunting the progress of an otherwise growing economic sector.
To protest the new law, Szczepan Bentyn, a prominent figure in the Polish Blockchain industry and a YouTuber, created his token called the PCC (named after the controversial tax law itself). To join the resistance, protesters must complete a PCC application form and submit it to Szczepan, where you will be rewarded with one native coin.
Szczepan says the main goal of this currency is to undermine the Polish government’s authority and to mock the new law that threatens to suppress the growing crypto industry in Poland.
This revolution is considered first-of-its-kind, as it is the first time a cryptocurrency was used for such purpose.