The National Bank of Poland has excluded Bitcoin from its currency reserves, citing significant security concerns.
Rejection of Bitcoin
NBP President and Monetary Policy Council Chairman Adam Glapiński emphasized the necessity of absolute security in reserve assets during a recent press conference. He stated, 'We will not consider Bitcoin under any circumstances, as reserves must be absolutely secure.'
Poland's Reserves
Currently, the NBP’s reserves are predominantly held in gold, U.S. dollars, and euros, with other assets playing a minor role. Glapiński highlighted the strategic timing of Poland’s gold acquisitions and their significant value increase amid global economic uncertainties.
NBP’s Historical Stance
The NBP’s cautious stance on Bitcoin aligns with its historical position. In a 2017 statement with the Financial Supervision Authority, the NBP warned of the risks associated with virtual currencies, including potential loss due to theft, lack of guarantees, and high price volatility. They reiterated that virtual currencies are neither issued nor guaranteed by the central bank and do not meet the criteria for legal tender.
The National Bank of Poland maintains a strict policy on securing its reserves, excluding Bitcoin as a potential asset due to its high volatility and lack of guarantees.
