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Polish Central Bank Accused Of Paid Smear Campaign Against Cryptos

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The Polish central bank has been accused of secretly funding and running a "low down and dirty" smear campaign against the cryptocurrency market, according to a Business Insider Poland report. All this after Poland is said to have officially recognized both trading and mining of cryptocurrencies in February 2017.

According to the report, the Narodowy Bank Polski spent around 91,000 zloty or just over $27,000 on Google, Facebook, and other websites, in a subversive smear campaign aimed directly at attacking the legitimacy of cryptocurrencies — such as Bitcoin, Ethereum, Litecoin, etc.

Further, the bank also reportedly funded a Polish Youtube partner network Gamellon to produce anti-cryptocurrency video showing a young man losing all his money that was invested in cryptocurrencies.

The video titled "I LOST ALL MONEY ?!" appeared on December 8 that depicted investments in cryptocurrencies in a negative light. The youtube channel is said to have over 900,000 subscribers.

Another report on Cointelegraph says the description of the video contained the hashtag #uwazajnakryptowaluty, which is the Polish Financial Supervision Authority and the Poland's apex bank's joint website dedicated to warnings against the use of cryptocurrencies.

Polish news portal money.pl reports that the Polish central bank has admitted to funding anti-cryptocurrency campaigns on social media. This was revealed after one of the users of the Wykop site sent a request to the bank for campaigns financed by the central bank on virtual currencies.

As central banks and financial authorities in several countries grapple to regulate cryptocurriencies, Poland's central bank is believed to be trying to stymie its growth in the country by using social media to release propaganda videos against dealing in virtual currencies.

Though anti-crypto ads are not seen much, China has reportedly banned all cryptocurrency-related online advertisements from social media within the country.

Early this month, Facebook had announced a new policy to ban advertisements promoting cryptocurrencies as the social network has had enough of fraudulent and deceptive information for cryptocurrency-related investments on its wall.

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