Polish Financial Institutions Warn Against Bitcoin

While bitcoin prices skyrocketed on markets on financial institutions, the National Bank of Poland (NBP) together with the Financial Supervision Authority (KNF) issued a press release warning Polish people about the risks involved in investing in cryptocurrencies. The financial institutions clearly state that bitcoin, ether, litecoin and similar creations are not legal tenders and should not be regarded as currencies. Contrary to what some may believe, cryptocurrencies do not constitute digital money within the meaning of current legal provisions in Poland.

Even though trading in bitcoin is not against the law, state financial institutions discourage obtaining them. Investing money in cryptocurrencies entails substantial risk as their prices are very volatile. What is more, in the view of NBP and KNF, they are susceptible to cyberattacks, it is also not uncommon to come across fraud schemes targeting those willing to invest in virtual “currencies. The two institutions stress there are no legal frameworks protecting Bitcoin investors.

NBP and KNF launched a website dedicated to informing the public about the threats related to investing in cryptocurrencies. The site contains educational materials that are to provide those interested in Bitcoin and other “currencies” information about what cryptocurrency is and how it is different from the standard legal tender.

The National Bank of Poland and the Financial Supervisory Authority are not the only public institutions that noticed the rising popularity of digital “currencies”. General Inspector of Financial institutions notes bitcoin is often used for money laundering and other illegal actions.

European Banking Authority also published an opinion on the so-called “virtual currencies” in which it presents the risks of obtaining them. They recognize that cryptocurrencies have features that may attract users, such as short transaction time, low transaction costs and no need to provide sensitive information when ordering a transaction. However, the risk of losing one’s money is high.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our bank account opening services, or contact us for a free consultation.