 BLOCKCHAIN TECHNOLOGY AND MINING PROCESS: HOW DOES POLISH TAX LAW TACKLE THE PROBLEM?Robert Siucinski ()
Perspectives of Law and Public Administration, 2021, vol. 10, issue 2, 123-129 Abstract: This essay aims to analyze the new phenomenon of the blockchain technology from the perspective of Polish tax law. Beginning with the description of the way blockchain technology operates, the notions of decentralization , proof of work consensus, and practical immutability are explained. The author researches the new tax regulations in force in Poland since 1 January 2019 and focuses on revenues from cryptocurrency trading, which are classified as revenues from money capital and revenues from capital gains. The article presents a definition of the disposal for valuable consideration of a virtual currency, explains how high is the income tax on income earned from the disposal for valuable consideration of virtual currencies, and provides an overview of the legislation related to tax deductible expenses. Finally, some reflections on the cryptocurrency trading in the context of the pursuit of an economic activity are given. Keywords: Bitcoin; virtual currency; blockchain technology; mining; tax law; Polish law; revenues from money capital; revenues from capital gains. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:sja:journl:v:10:y:2021:i:2:p:123-129 Access Statistics for this article More articles in Perspectives of Law and Public Administration from Societatea de Stiinte Juridice si Administrative (Society of Juridical and Administrative Sciences) Contact information at EDIRC. |
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