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National Bank of Poland rolls out new website to warn against cryptocurrencies

The National Bank of Poland has rolled out a new website that cautions people against cryptocurrencies and lists the potential risks, Bitcoinist reported.

The website name, which translates to ‘beware of cryptocurrencies,’ starts off with the message “Virtual money is not money” and goes on to explain that “Cryptocurrencies, virtual currencies, digital currencies are not "electronic money" within the meaning of the law.”

“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 (eg Polish zloty is issued by the National Bank of Poland),” it adds.


It further cautions investors against the various types of risks which they must be aware of before they consider making cryptocurrency-related investments. To that end, the website lists a number of digital currency-related risks, include theft, the lack of guarantee, the lack of universal acceptability, the possibility of fraud, and high price volatility.

The National Bank of Poland and the Polish Financial Supervision Authority issued an official statement on virtual currencies in July 2017. According to the document (loosely translated):

“The National Bank of Poland and the Polish Financial Supervision Authority inform that virtual currencies are not issued or guaranteed by the central bank of the state, they are not money, i.e. they are [not] legal tender or currency, they cannot be used to repay tax liabilities and do not meet the criterion of universal acceptability in retail and service outlets. Virtual 'currencies' are not electronic money, do not fall within the scope of the Act of 19 August 2011 on Payment Services and Act of 29 July 2005 on trading in financial instruments.”

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