Poland Shuns Bitcoin in National Reserve Integration Plans

Amidst heated debate, Poland National Bank (NBP) has decided against adding Bitcoin (BTC) to its national reserves. The central bank if the nation says it prefers financial security and stability over cryptocurrency investments. 

In a press conference on February 7, NBP President and Chairman of the Monetary Policy Committee Adam Glapiński said, “We will not consider Bitcoin because reserve must be secure.” His statement suggests that the flagship crypto is not perceived as a secure asset in the region.

Poland Fears Bitcoin Stability And Security 

The inability to accurately predict Bitcoin’s performance and its price volatility are concerns cited by the NBP. By all means, Poland is more interested in maintaining a low-risk investment portfolio. This aligns with Europe’s broader rejection of cryptocurrencies as reserve assets amongst central banks. 

These financial institutions are cautious about digital assets and do not think holding them in their national reserve is a great idea. They are concerned with the stability and security of these crypto assets. Instead, Poland’s NBP has focused on traditional assets like gold, U.S. dollars, and euros.  

New Administration to Change NBP’s Crypto Conservative Stance 

It is uncertain how long European countries will stay with this anti-crypto stance. 

Poland’s presidential election is scheduled to be held in May and could usher in the shift that the crypto sector in the region needs. Sławomir Mentzen, a candidate from the Confederation (Konfederacja) party, plans to make Poland a “cryptocurrency haven.” 

Unlike the current administration, Mentzen intends to establish a Bitcoin reserve for the country. While it is not sure if he will become president of Poland, it is worth noting that Mentzen’s party holds 18 out of 460 seats in Poland’s parliament. 

He currently has up to 12% support in recent polls. Should he get elected, his administration could introduce pro-crypto policies like that of the United States President Donald Trump. 

Trump Change US Crypto Trajectory 

In less than 1 month, Trump has altered the crypto trajectory in the US, introducing several policies in favor of the sector. 

A while ago, he signed an executive order on crypto, leaving out the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. The executive order, which created a working group of essential officials, is focused on changing how the United States deals with digital assets.

The U.S. Treasury Secretary, Attorney General, Securities and Exchange Commission (SEC) Chair, Commodity Future Trading Commission (CFTC) Chair, members of Trump’s cabinet, and other agency leaders are all part of the group.