Poland’s Central Bank rules out Bitcoin for reserves

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

NBP President and Monetary Policy Council Chairman Adam Glapiński emphasized the necessity of absolute security in reserve assets during a recent press conference, according to the Warsaw Business Journal. 

He stated, “We will not consider Bitcoin under any circumstances, as reserves must be absolutely secure.”

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, noting that their value has significantly increased amid global economic uncertainties. He pointed to Bitcoin’s (BTC) well-documented volatility and unpredictability as primary reasons for its exclusion from the nation’s reserves.

NBP’s caution towards Bitcoin 

The NBP’s cautious stance on Bitcoin aligns with its historical position. In a 2017 statement, the NBP and the Financial Supervision Authority 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.