Yet Poland was one of the first to support Venezuela’s national cryptocurrency.
The Polish Financial Supervision Authority (PFSA) and the Polish central bank, Narodowy Bank Polski (NBP) reportedly spent over 91,000 złoty ($27,100) of taxpayers’ money on a series of smear campaigns to spread FUD against cryptocurrencies. According to a report by Money.pl, the funding went to social media influencers on Youtube and Facebook who were tasked to create content steering users away from cryptocurrencies. Among the paid detractors were Marcin Dubiel, who has almost 940,000 subscribers on Youtube
Both Dubiel’s video titled, “I LOST ALL MY MONEY?!” and Planeta Faktów’s (Planet of Facts) video, “10 differences between money and cryptocurrency that you need to know” gained over 500,000 views since they were published. The videos were reportedly not marked as “paid promotion” and goes against Poland’s own laws.
Google Ireland, Facebook Ireland, and Youtube managing partner Gamellon were also on the payroll, according to Money.pl.
While some financial institutions have instead been trying to join in on the trend (can’t beat them, join them), it’s not surprising that some central banks will maintain their stance of resistance. In fact, the Polish central bank launched a website called “Watch out for cryptocurrencies,” with the domain uwazajnakryptowaluty.pl which was evident in Dubiel’s video hashtag, #uważajnakryptowaluty.