Poland’s central bank, Narodowy Bank Polski (NBP), has firmly ruled out Bitcoin as part of its reserve assets, citing concerns over security, stability, and economic reliability.
NBP President Adam Glapiński emphasized the need for reserve assets to be “absolutely secure” and highlighted Bitcoin’s volatility as a critical factor in the bank’s decision.
At a recent press conference reported by Business Insider, Glapiński reaffirmed the NBP’s position, stating, “NBP is not considering keeping reserves in bitcoins under any circumstances, because in the NBP’s opinion, reserves must be absolutely safe,” He stressed that Poland’s financial stability relies on stable and reliable assets, qualities he argued Bitcoin lacks.
Poland’s reserves are currently dominated by gold, U.S. dollars, and euros, with other assets playing a minimal role. Glapiński praised the timing of Poland’s gold acquisitions, noting that its value tends to rise during periods of economic uncertainty. This strategic move underscores the NBP’s commitment to managing risks effectively.
The bank’s caution toward Bitcoin is not new. Since 2017, it has issued warnings about the risks associated with cryptocurrencies, including theft, high volatility, and the absence of guarantees. Additionally, it reiterated that cryptocurrencies lack backing from central authorities and do not qualify as legal tender.
According to the NBP, Poland’s official reserves reached €217.1 billion (approximately $225.4 billion), marking a 22.1% year-on-year increase as of January 2025. While some in the crypto community have criticized the NBP’s decision, the bank maintains that its approach aligns with its broader risk management strategy.
However, the upcoming Polish presidential election in May 2025 could signal a shift in the country’s stance on cryptocurrencies. Sławomir Mentzen, a candidate from the Confederation (Konfederacja) party, has pledged to transform Poland into a “cryptocurrency haven” if elected. His platform includes the creation of a strategic Bitcoin reserve, a policy that starkly contrasts with the NBP’s current position.
Mentzen’s party currently holds 18 seats in Poland’s 460-seat parliament and has been polling third with 12% support. If he secures the presidency, Poland’s crypto policies could see a significant overhaul, potentially integrating Bitcoin into the nation’s financial framework.
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