The Central Bank of Poland Starts Campaign Against Virtual Currencies

The central bank of Poland seems to be taking an aggressive stance against Bitcoin and other cryptocurrencies, telling them to stay away from them and shouting that these new forms of currency are not to be considered a kind of money.

The Polish central bank looks like they so badly want to get their point across that they are contributing towards a countrywide campaign that smears the emerging market of cryptocurrencies.

This can be construed as a move by the central bank of Poland to start a more extensive campaign to influence public opinion against the adoption of Bitcoin and other cryptocurrencies.

“Digital Currencies? We don’t call that cash or legally recognize it,” says Polish central bank.

A polished and sleek site has now gone online to tell the people of the Polish country that Bitcoin and other virtual currencies cannot be considered as actual currency.

The primary purpose of the site seems to educate people as to why new currencies that have issued in the digital realm cannot be considered as similar to the currencies that they have been using and have been used to.

The site welcomes the reader by exclaiming that “Virtual Currency is not money, see why!”.

Then the website continues to inform potential visitors the reasoning for why one should be wary of investing in them. There is a section that states cryptocurrencies are not currency and further breakdowns on the rationale. The first point that it states is that an investment in cryptocurrencies is a risk, then it says, cryptocurrencies do not have a guarantee, and further continues with, virtual currencies are not electronic money.

The rest of the webpage goes further into detail as to what cryptocurrencies are not, what they are and the different concepts that one should keep in mind before investing in this new virtual currency market.

After looking browsing the past the Frequently asked questions section, when one scrolls down, one can see that the site notes that the visitor can contact the National Bank of Poland for further details on the matter.

This implies that the central bank of Poland the other governmental parties within the country are taking a more aggressive stance from an influencing public opinion standpoint to reach out to their citizenry and convey their message.

A point worth noting is the message that the bank has not accepted Bitcoin and other digital currencies as money in a legal manner, which implies that the bank is letting the people of Poland know that these new currencies are operating out of the realm of the law but aren’t necessarily considered illegal.

It is a digital representation of a contractual value among its users, which is not issued and guaranteed by any central bank in the world (e.g., Polish zloty is issued by the National Bank of Poland).

As Bitguru has noted in a prior piece, it is important to note that the continuous statement made by many governments is that point that the government does not back these assets, meaning that they are not centralized and controlled by the government.

Not surprisingly, governments are not understanding the reason why cryptocurrencies were embraced since the beginning. The idea that currency can be independent of governmental control is a strong appeal that cryptocurrencies provide. The belief that they can provide a hedge against fiat based currencies which can experience various fluctuations based on political and economic factors is another strong selling point. One can look to Greece in 2015 and other countries that have restricted citizens from withdrawing their own money due to needing a certain amount of liquidity and additional reasons to maintain a certain sense of economic stability.

By | 2018-01-02T22:39:59+00:00 January 2nd, 2018|News|0 Comments

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