Central Bank Digital Currency
“NBP is monitoring closely the progress of work in the field of CBDC issuance worldwide in order to be able to take appropriate action also in Poland, should the need arise,” writes Professor Adam Glapiński, Governor of NBP.
Narodowy Bank Polski has published the report entitled Central Bank Digital Currency, with a foreword by Professor Adam Glapiński, Governor of NBP.
The NBP Management Board has adopted the following stance of Narodowy Bank Polski on the issuance of digital zloty:
For many years Narodowy Bank Polski has been closely monitoring the progress of the work of other central banks on the issue of a new form of currency, i.e. central bank digital currency (CBDC), and it has been evaluating the needs of the Polish market in this respect. At the same time, NBP has been thoroughly examining the potential implications of CBDC issuance – its legal, technological and economic consequences (particularly, for the functioning of the banking sector, financial stability, monetary policy, and the operation of the payment system).
The current circumstances in Poland do not justify the rationale behind the launching of the pilot tests on CBDC issuance or digital currency implementation by other central banks. Until now NBP has not identified a systemic objective for the issuance of digital zloty or any specific needs of consumers or business entities that could not be satisfied by payment service providers in Poland but only through the central bank through the introduction of CBDC. The results of the analyses conducted show no clear benefits from the introduction of central bank digital currency in Poland versus the identified risks related to its issuance for the economy, cash circulation and the financial system. NBP takes a prudent approach to the possibility of introducing digital zloty and does not currently choose to issue it, in the absence of any convincing justification. NBP’s current stance on the issuance of CBDC may be modified should factors (domestic or international) justifying such a change emerge.