Adam Glapinsky, president of the National Bank of Poland and Chairman of the Council for Credit Policy, denied the possibility of inclusion of bitcoin in the state foreign exchange reserves.

Adam Glapiński explained that the reserves of the Central Bank should be “absolutely safe”. Now the reserves of the state are mainly stored in gold, US dollars and euros, and other assets are attached to secondary importance. Glapinski emphasized that Poland prefers to store reserves in gold, the cost of which increased significantly against the background of international economic uncertainty. As for Bitcoin, this asset is too volatile and unpredictable, and this is the main reason not to include it in the country’s reserves, Glapinsky said.

“Under any circumstances, we will not consider the creation of a strategic reserve in bitcoins. The state budget should be in full security, ”said the head of the Polish Central Bank.

A few years ago, the Polish Central Bank and the country’s financial supervision (KNF) have already warned about the risks associated with digital assets. Regulators are afraid that cryptocurrency users are at risk of loss of funds due to possible hacker attacks on crypto projects and a sharp drop in the course of digital assets. The National Bank of Poland warned that digital assets are not issued by the Central Bank and do not meet the criteria of the legal payment fund. Therefore, crypto -investors will not be able to hope for legal protection in case of loss of funds.

Last year, the Polish authorities submitted a bill that will endow KNF with the authority to block cryptocurrency accounts if the department will suspect owners of illegal actions. The lock period can be extended to six months.