The National Bank of Poland has created an information portal that describes only risks associated with investing in cryptocurrencies. According to the Polish regulator, crypto coins are not currencies and have a very low level of adoption.

The Central Bank of Poland launched an aggressive campaign against cryptocurrencies, urging Polish citizens not to invest in them.

The information portal on cryptocurrencies warns that virtual currency is not electronic money.

“This is a digital implementation of a contractual value between two users that is not issued and is not guaranteed by any central bank of the world, such as Polish zloty, which is issued by the National Bank of Poland,” the portal says.

According to the Polish regulator, the virtual currency is used as an imitation of money. Also, cryptocurrencies are called pseudo-currencies, because "in most cases, it is not known who stands behind a particular cryptocurrency."

Investments in cryptocurrencies are associated with risks of loss of funds due to cyber-attacks and theft since the cryptocurrency infrastructure is subject to such crimes. Also, investors will not be able to claim reimbursement, as it happens in the case of bank deposits since cryptocurrencies do not have a central government and are not guaranteed by anyone.

“Another risk is the lack of universal acceptance of such cryptocurrencies. Virtual currencies are not accepted in all retail stores and services. They are not a legal tender or currency,” the portal says.

Also among the risks associated with cryptocurrencies, the website mentions their high volatility and possible use for fraudulent purposes and Ponzi schemes.

The portal also states that other European regulators also talked about the risks of cryptocurrencies. Thus, the European Banking Administration (EBA) warned investors in 2013 that “no specific regulatory protections exist that would cover you for losses if a platform that exchanges or holds your virtual currencies fails or goes out of business.”