Polish Financial Authorities Plan Anti-Crypto Social Media Campaign
If you have been watching the cryptocurrency market for some time now, you will notice the constant resistance meeting the wave of cryptocurrency and blockchain technology. While the notion of a decentralized and an almost completely anonymous transmission system gives many people a general sense of freedom and affords them the liberty to control their own money and use it how they please without being under the microscope of a government or financial watchdog.
Most of the naysayers regarding the use and widespread adoption of cryptocurrency come from industries that are directly affected by the introduction of decentralized systems of payment. Banks, for one thing, are perhaps the most resistant, especially national or central banks whose whole purpose is threatened by the potential success of a decentralized, global cryptocurrency, which is not controlled by any one government.
In Poland, the Financial Supervisory Authority (KNF) plans to start a social media campaign specifically geared toward highlighting the dangers of using cryptocurrency and outlining the risks involved including pyramid schemes and how to spot fraudulent Initial Coin Offerings (ICOs). However, masked in the good intentions of public service announcements, the videos as well as a website funded by Poland’s central bank mainly focus on how virtual currency is not money and cryptocurrencies fall under that category.
This is not the first time the Polish government has attempted to target public opinion on cryptocurrency in an attempt to snuff out any possibility of the technology developing independently from government control. Earlier this year, the KNF was found to have financed a video about a man who lost everything after investing into cryptocurrencies. The video itself was not categorized as sponsored content and cause a lot of backlash from the cryptocurrency community in Poland who disapprove of the central bank’s lack of transparency, making their move seem more underhanded.
What makes the decision by the KNF to start a new public media campaign in June 2018 so interesting is that simultaneously the Polish Credit Office is looking into how blockchain technology can be utilized in their credit system. It seems to be the new norm when governments espouse negative rhetoric against cryptocurrency to use and even praise the blockchain technology it is based on.