Polish Regulators Warn Against Investing In Cryptocurrencies

Polish Regulators Warn Against Investing In Cryptocurrencies

A pair of Polish regulators said that investors and banks should avoid dealing with digital currencies like bitcoin and ether, as coindesk.com wrote i

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A pair of Polish regulators said that investors and banks should avoid dealing with digital currencies like bitcoin and ether, as coindesk.com wrote in a recent publication.

The Polish National Bank and the Financial Supervision Commission delivered a broad warning against investing in digital currencies. They cited price volatility and the risk of fraud. The regulators added that cryptocurrencies like bitcoin, litecoin and ether are not considered legal tender in Poland.

Still, the statement does not state any specific policy measures against cryptocurrencies in the country. The Polish regulators say that financial institutions should avoid doing business with cryptocurrency exchange services “in particular with regard to the risk of exploitation of these entities for money laundering and terrorist financing”, as the statement made clear.

“The decision in this regard should be preceded by a thorough analysis of the potential consequences, including legal risk and reputation risk.”, the regulators said.

“Many functional, operational and legal aspects of this technology, however, should be subject to a detailed and thorough analyzes and tests before the mass introduction of the financial market.”, as the statement explained.

In February, CoinDesk reported that Poland`s financial ombudsman, Aleksandra Wiktorow, expressed an opinion that the country`s Ministry of Finance should regulate cryptocurrency exchanges. Perhaps, the regulators` response has been prompted by her statement.

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