Poland Central Bank Will Not Buy Bitcoin ‘Under Any Circumstances’
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The National Bank of Poland will not consider holding Bitcoin reserves “under any circumstances,” according to the central bank’s president, Adam Glapiński. Speaking at a press conference, Glapiński said that a given asset “must be absolutely secure” for the NBP to consider adding it to its reserves. Glapiński compared Bitcoin unfavourably to gold, which he says helped the bank’s reserves increase in value by 22% last year. However, the NBP’s president didn’t completely dismiss the cryptocurrency, noting that “there is a lot to be said about Bitcoin,” even if his bank doesn’t believe it could serve as a “permanent, safe element” of its holdings. “You can buy a lot and gain a lot, as well as lose a lot,” he said. “However, we prefer something certain.” Such caution isn’t particularly surprising to advocacy groups promoting the idea of BTC reserves, with Matthew Pines—a National Security Fellow at the Bitcoin Policy Institute—telling Decrypt that central banks are usually conservative institutions by design. “Their legal mandate is usually very narrow: stable prices, full employment, and financial stability,” he says. “They also view currencies as inherently a sovereign prerogative and closely husband the legal monopoly granted to them by the state to issue state-backed money.” Yet despite current resistance, Glapiński’s remarks come a week after the Czech Central Bank approved a proposal to study the possibility of investing in BTC. Glapiński’s remarks come a week after the Czech Central Bank approved a proposal to study the possibility of investing in BTC. The study could publish by August or September, yet it has met with some degree of resistance within Czechia, with finance minister Zbyněk Stanjura saying that he would not recommend a national Bitcoin reserve, and that sometimes he tells his “colleagues not to think out loud on the microphone.” Such criticism forced…
Filed under: News - @ February 12, 2025 6:26 pm