Narodowi Bank Polski (NBP) is closely monitoring the global developments in the issuance of Central Bank Digital Currencies (CBDCs) to prepare for potential actions in Poland if necessary. Currently, the factors that have prompted other central banks to initiate pilot tests for CBDC issuance or the adoption of digital currencies do not align with the circumstances in Poland. NBP is leveraging insights from the research conducted by other central banks and has made significant progress in analyzing the key aspects related to the potential issuance of a Central Bank Digital Currency. This analysis includes exploring the legal, technological, and economic implications of CBDC issuance.
Despite this progress, NBP is taking a cautious approach to the potential introduction of a digital zloty and has not made a decision to issue it at this time. Given NBP’s statutory responsibility for overseeing monetary settlements and maintaining financial system stability, any decision regarding CBDC issuance must be approached with great care due to the potential risks it poses to the banking sector, financial stability, monetary policy implementation, and the payment system.
Up to this point, NBP has not identified a systemic objective for introducing the digital zloty, nor specific needs of consumers or businesses that cannot be met by existing payment service providers in Poland. Instead, these needs would require the central bank to introduce a CBDC.
NBP has also published a document outlining the fundamental assumptions behind the concept of CBDC issuance and its potential implications, along with insights from ongoing global research and pilot projects related to publicly available CBDCs and CBDCs for wholesale payments. This document also includes an evaluation of the conditions necessary for the potential introduction of digital currency in Poland.”
Source:
https://nbp.pl/wp-content/uploads/2023/01/Central-Bank-Digital-Currency_2021.pdf