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Poland lifts the taxes on cryptocurrencies!

Arjun B

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Poland lifts the Taxes on cryptocurrencies!
Source: Public Domain Pictures

The Finance Ministry for Poland has released a new statement about an update on the country’s taxation laws. Much to the delight of Poland’s cryptocurrency users, the taxation on trading from cryptocurrency has been temporarily lifted as the authorities have realized how inapplicable and irrational the taxation laws were.

The Polish Finance Ministry is going to conduct an in-depth analysis and prepare the system to regulate cryptocurrency economy. Until the ministry comes to understanding, they are going to temporarily abandon the tax on transactions of cryptocurrency.

The Deputy Finance Minister of Poland, Pawel Gruza has told Business Insider that the Finance Ministry of Poland has accepted that there was an irrational effect of PCC tax on cryptocurrency and it has been lifted until the government comes to a solution.

He was addressing the controversial decision which was announced on April 30th. The Ministry of Finance had earlier issued another statement asking the residents of Poland to report their tax returns for all revenues generating from the exchange and trade of cryptocurrencies as they are subjected to personal income tax in accordance with the current tax legislation.

The statement says that all purchases and sales of cryptocurrency comes under transfers of property rights and shall be taxed regardless of profit or loss made from it. 1% is the tax rate for civil law transactions, as it doesn’t depend on the profitability.



The Finance Ministry is taken into account that the entity which trades cryptocurrency might be required to pay tax in an amount which often exceeds the funds and which would be initially invested as they would be entering into multiple sale and exchange contracts. Taking this into consideration, new reformed tax regulations is expected by 15th June.

There have been a lot of protests like an online petition, protests outside the finance ministry after the tax reforms were imposed to restrict the growing cryptocurrency market in Poland. The Ministry had come to the decision after the strong backlash regarding the new taxation laws. Pawel Gruza had announced the lift of PCC taxes after meeting with the protesters. But he had said those who have already paid would not get a refund on the PCC taxes.





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Ethereum

Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

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Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
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Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





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