The Polish Financial Supervision Authority (KNF) is not optimistic about Bitcoin and cryptocurrencies. This has been known for a long time. But now its head Jacek Jastrzębski has admitted that digital currencies do not deserve the public's attention. Or at least on the scale we see today. The topic of cryptocurrencies also came up during the debate at the 590 Congress. The chairman of the FSA once again showed that the institution is not optimistic about Bitcoin. He said, among other things, that innovation in itself is meaningless if no added value is created as a result. By this, the authority does not intend to consider cryptocurrencies as "a representation of innovation based on blockchain technology." Thus, it once again tries to separate the technology itself from its oldest and most mature fruit. KNF chief on cryptocurrencies Jastrzębski is reportedly rooting for blockchain projects, but only those with added value in them, i.e. those that reduce costs and increase security. "I do not hide the fact that our approach to cryptocurrencies is quite skeptical. I believe that cryptocurrencies enjoy an attentiveness that they do not deserve. We are now seeking to finalize analyses on whether there are areas in cryptocurrencies where there is this added value. If those analyses lead us to the conclusion that there is an area where there is some fundamental value that is being served and created by the development of cryptoassets, then to that extent we will seek to support and promote that area. Whereas if we come to the conclusion that there is no such fundamental value there, then we won't. One of our challenges in the near future is to develop a position when it comes to cryptocurrencies and their classification," - said the chairman of the KNF. Blockchain in the structure of the authority "Blockchain technology makes it possible to create trusted data structures, and its application in digital services is an opportunity to increase customer satisfaction and security. Also in regulation, blockchain technology can contribute to ensuring transparency and good quality of data, including reporting, while ensuring its non-repudiation" - This is how Jastrzębski spoke about blockchain on the occasion of the signing of an agreement between the Polish Financial Supervision Authority (KNF) and the National Clearing House (KIR) on the creation of innovative projects in the market. Tags Jacek Jastrzębski on cryptocurrencies knf blockchain Kaf cryptocurrencies head of the kaf about bitcoin
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