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Poland Central Bank Disparaging Cryptos Via Youtube Videos

Feb 23, 2018 Posted /  3080 Views

Poland Central Bank Disparaging Cryptos Via Youtube Videos

Following the uncertainties and risk factor involved in virtual tokens, the central bank of Poland assigned a Youtube star to aware viewers about harmful effects of investing in cryptocurrency through videos. As per CNBC reports, the national bank of Poland(NBP) has spent 91,221.99 Polish zloty ($26,764) on Gamellon. Gamellon is a Youtube partner with various well-known bloggers.

The apex bank launched  a campaign in December  named "Uwazaj Na Kryptowaluty" which translates into English as  "beware of cryptocurrencies."  The aim of the project is to spread awareness and warn public against the risk involved. To achieve its motive, the site subjected various crypto fraud cases.

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This is not the first time government  warning about the risk involved but definitely, it is the first initiative by the central bank of an economy through digital and traditional media.

Marcin Dubiel recently shared a video on his Youtube channel, titled  "Stracilem Wszystkie Pieniadze?!" which translates into English "I lost all my money." featuring a man losing all his wealth on a digital currency scam. Marcin Dubiel is a renowned Youtube star with around 1 million subscribers.

In an Email interview with CNBC, the spokesperson of NBP stated that the campaign will either abstain gullible investors from putting their money on the speculative trade and save themselves from possible losses or speculators will put their money with complete awareness of associated risk.

NBP decided to conduct the campaign via digital and traditional media," – NBP

Further, the spokesperson stated that NBP is not against the Blockchain technology but the officials believe that a technology should be introduced in the Financial market after proper examination.

Blockchain Technology is distributive digital ledger system and is the technology behind Bitcoins. Blockchain technology can bring evolution in Finance industry by enhancing the efficiency of cross-border transactions and contract signings.

Earlier various financial institutes tried to discourage buying of cryptocurrency through warning statements and Press Releases. Recently European Supervisory Authorities for securities, banking and insurance and pensions showed their concern in a joint statement regarding rising number of crypto investors.

The regulators of China banned the trading of virtual token whereas South Korea introduced certain ordinance policies.

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Tags: cryptocurrency cryptos Investors Central Bank virtual tokens Poland Youtube star

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