A month ago, the President of the NBP stated that cryptocurrencies are a joyride and warned against investing savings in them. A larger-scale information campaign has just been launched, resulting in the website uwazajnakryptowaluty.pl. A month ago the President of NBP stated that cryptocurrencies are a ride without holding and warned against investing savings in them. An information campaign has just been launched on a larger scale which resulted in the website uwazajnakryptowaluty.pl. The website was created by the National Bank of Poland and the Polish Financial Supervision Authority (KNF) Social Communication Department. On the website one can find information about: Risks associated with high exchange rate volatility Risk related to lack of guarantee by the Bank Guarantee Fund Risks associated with the possibility of losing funds due to theft Risks associated with the possibility of fraud or unwitting participation in financial pyramids (implicitly pretending to be the cryptocurrencies) Risks associated with the lack of widespread acceptance In addition, we also find information that cryptocurrencies are not legal tender. We can't really have any objections to this place and every potential user of cryptocurrencies should be aware of the risks. On the page we can also find the reason for the launched information campaign: "NBP and KNF have observed the gradual development of virtual "currencies", resulting, among others, from the progressive increase in price. At the same time they perceived a potential threat to the users of these "currencies" and considered it reasonable to express a common official position on this matter. The primary purpose of the NBP and FSA communiqué is to warn potential individual and institutional users of the risks associated with buying, holding and selling virtual 'currencies'..." The most controversial statement, however, may be that cryptocurrencies are not money. In legal terms, they are indeed not, but by definition, money is anything that is subject to contract between people. Bitcoin is money to the people who use it and exchange it between themselves. Additionally, it carries characteristics in many cases better than traditional money. Within a few decades, the concept of money as we know it may change dramatically. The site itself may also evoke mixed feelings. There is nothing wrong with informing people about the risks, but it is a pity that the National Bank of Poland and the Polish Financial Supervision Authority do not warn so eagerly and spectacularly against financial pyramids. Sowing fear and discouragement against cryptocurrencies is probably also part of the plan to encourage people to use bank deposits more often, which are not very attractive due to their interest rates. Thus, there may be a real fear, more willing to invest in increasingly popular cryptocurrencies. Recall. Over the past four years, the profits from bank deposits fell by as much as 57.4 percent. Poles gradually stop keeping money in banks, because it is unprofitable. In 2016 alone, Poles gave up almost PLN 1 billion in interest. The downward trend has continued since 2013, when interest rates in banks decreased by 40 percent, and profits from deposits fell by 57 percent. Cryptocurrencies are slowly becoming a threat to the current debt-based financial system, as central banks around the world are beginning to highlight. Given the growing popularity of cryptocurrencies, over time there may be attempts to combat them, restrictions and unfavorable regulations. Often under the guise of our good fortune. [edit] Great retort from tradingjam.co.uk: uwazajnawaluty.co.uk {outube}https://youtu.be/e4Rxq71ri8U{/youtube} Tags bitcoin btc KNF cryptocurrencies NBP warning Poland
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