Glapiński: cryptocurrencies make no sense for Polish economy

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NBP head Adam Glapiński stated that “introducing [cryptocurrencies (like Bitcoin)], makes no sense for the Polish economy, as they only bring anxiety and provide room for speculation,” and that Poland will follow other European economies: “if they ban cryptocurrencies, so will Poland,” he said in an interview with Radio RMF FM. The NBP president also added that a digital currency would cause problems including tax avoidance and possible criminal activity.

He also commented on his uncertainty about the benefits or pitfalls of a stronger or weaker złoty. While acknowledging that a weaker złoty would help the economy, he also mentioned that the slightly stronger currency would help significantly with exports, an important factor in the growth of a national economy, so a marginally more valuable currency “would not hurt us.”

He was optimistic about the state of Poland ’s economy, predicting that it would remain robust throughout 2018 and would likely see some slowdown no sooner then next year. He said that analysts at the Ministry of the Interior, the World Bank, and the European Central Bank are seeing no weakness in the Polish economy yet.

Glapiński was concerned, however, with insufficient domestic housing, stressing its importance in keeping young Poles from emigrating. Besides this, most of his concerns were about foreign issues, fearing potential problems coming from the Chinese economy, crisis in the Eurozone, or a sudden collapse of the global economy caused by oil prices. Glapiński also criticized the EU, saying that “Poland receives less and less as the EU demands more and more,” but noted that this may become a bigger issue after 2021.

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