Poland's Central Bank Rejects Bitcoin for Reserves, Citing Volatility and Safety Concerns

The National Bank of Poland (NBP) has reiterated its stance on Bitcoin, stating that it will not consider including the cryptocurrency in its reserves under any circumstances. In a press conference, NBP President Adam Glapiński emphasized that the central bank would only consider an asset for its reserves if it is "absolutely safe."

Glapiński compared Bitcoin to gold, noting that gold has proven to be more stable in value, contributing to a 22% growth in the bank's reserves last year. However, he acknowledged the potential value of cryptocurrency, stating, "There are many aspects of Bitcoin worth discussing." Despite this, the NBP maintains that Bitcoin cannot become a "long-term, secure component" of its reserves.

Glapiński cautioned, "You can buy a lot, you can also earn a lot, but you can also lose a lot. However, we are more inclined to choose assets with certainty." This cautious approach is not surprising, given the conservative nature of central banks, which typically focus on maintaining price stability, full employment, and financial stability. Central banks also view currency as a core aspect of national sovereignty and strictly control the issuance of legal tender.

Matthew Pines, a National Security Researcher at the Bitcoin Policy Institute, echoed this sentiment, stating that central banks are fundamentally conservative institutions. He noted that their legal functions are usually limited, focusing mainly on maintaining price stability, full employment, and financial stability. Central banks also view currency as a core aspect of national sovereignty and strictly control the issuance of legal tender granted by the state.