Polish bank prepares to launch its own cryptocurrency

Previously, the banks were skeptical about digital assets and blockchain technology, but now their views have changed

07.01.2022 - 07:40

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What’s new? Poland's largest bank, PKO BP, recently applied to register a logo to designate a future digital asset called PLCOIN. The company made its first applications back in late 2017, but the move may mean that the bank is close to launching its own cryptocurrency. This is reported by the financial news website Cashless.pl.

Information on the Cashless.pl website

What other developments are taking place? The Central Bank of Poland (Narodowy Bank Polski, NBP) has previously been skeptical about cryptocurrencies and blockchain technology. In August 2021, Marta Gajęcka, the bank's management board member, stated that the NBP was not working on crypto projects or CBDC, but was monitoring similar activities by its peers in the region. However, the regulator has now changed its mind and has started to develop a central bank digital currency.

"It cannot be ruled out that the analysis of […] external factors could demonstrate the need for the NBP to proceed in 2022 to the next phase of work on a central bank digital currency,” the bank's spokesman said.

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