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July 29, 2021
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NBP answered our questions: there will be no revolution –

Our editorial office decided to ask NBP questions about CBDC and the digitization of the zloty. The central bank’s replies show that its policy remains unchanged.

Questions to the NBP

We asked NBP the following questions:

1. El Salvador has recognized Bitcoin as legal tender. Are there any chances for similar legal changes regarding this leading cryptocurrency in Poland?

2. Does the NBP plan to issue the digital currency of the central bank? If so, in which model – would the digital PLN be based on blockchain technology?

Central bank’s replies

In response, we were encouraged to read the published and publicly available material entitled “Central bank digital money”. It is available at the link below:

https://www.nbp.pl/systemplatniczy/cbdc/raport-cbdc.pdf

The NBP also maintains that “he did not identify the purpose of the digital zloty issue of a systemic nature or the specific needs of consumers or business entities that could not be satisfied by payment service providers in Poland, but only by the central bank through the introduction of CBDC ”.

The central bank’s restraint in this matter also results from the lack of legal grounds for the introduction of CBDC (contained in the Act of August 29, 1997 on the NBP). At the present stage, there are no clear benefits of introducing central bank digital money in Poland in relation to the perceived types of risk related to its issuance for the economy, money trading and the financial system.

– it was written in the report sent to us.

However, we were assured that “The current position of the NBP on the issue of CBDCs may be modified if there are factors (domestic or international) justifying such a change.”

Interest rates

The Monetary Policy Council (MPC) did not raise interest rates last Wednesday. Worse still, it has not been added whether we can count on a policy change over a period of several months.

Monetary policy is primarily concerned with the sustainability of the recovery. It is too early to consider adjusting monetary policy – said the chairman of the MPC and the president of the NBP, Adam Glapiński during the conference that took place on Friday.

He added that “Today there is no justification for adjusting monetary policy.”

– Only the next data will help to assess the durability of the economic recovery – He said.

Adam Glapiński left no illusions: one cannot count on even a symbolic change of feet.

You cannot make symbolic gestures that are known to be only symbolic under the pressure of current data – he assessed.

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