Poland’s Central Bank rules out Bitcoin for reserves

The National Bank of Poland has firmly excluded the possibility of incorporating Bitcoin into its currency reserves, citing significant security problems.

The president of the NBP and president of the Monetary Policy Council, Adam Glapiński, underlined the need for absolute security in reserve assets during a recent press conference, according to At the Warsaw Business Journal.

He said: “We will not consider Bitcoin in any case, because the reserves must be absolutely safe.”

Currently, NBP reserves are mainly held in gold, US dollars and euros, with other assets playing a minor role.

Glapiński underlined the strategic calendar of golden acquisitions from Poland, noting that their value has increased considerably in the midst of global economic uncertainties. He underlined Bitcoin (BTC) Volatility and unpredictability well documented as the main reasons for its exclusion from the country’s reserves.

The prudence of NBP towards Bitcoin

The prudent position of the NBP on Bitcoin aligns with its historical position. In 2017 statementThe NBP and the Authority Supervision Finish has warned against the risks associated with virtual currencies, including the potential loss due to theft, lack of guarantees and high prices volatility.

They reiterated that virtual currencies are not issued or guaranteed by the central bank and do not meet the call for tenders.