Polish financial watchdog warns against cryptocurrency

Poland’s financial watchdog has launched a social media campaign about the risks of investing in cryptocurrency.
Image: jaydeep_/pixabay/com/CC0 Creative CommonsImage: jaydeep_/pixabay/com/CC0 Creative Commons

The PLN 615,000 (around EUR 142,600, USD 166,500) campaign launched by the Financial Supervision Authority (KNF) on Friday focuses on the risks associated with cryptocurrencies, pyramid schemes and forex trading, according to a report by the cointelegraph.com website.

The 30-day initiative, under the moniker “When the Bubble Bursts,” is part of a larger anti-cryptocurrency campaign led by the country’s authorities, including its central bank, cointelegraph.com has reported.

The financial watchdog has partnered with the National Bank of Poland (NBP) to start an educational website that explains why “virtual currency is not money” and “cryptocurrencies are not currency,” cointelegraph.co said.

(gs/pk)

Source: cointelegraph.com, knf.gov.pl

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