Category Archives: Anna Strezynska

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“Krypto” Fights Back After Polish Government Attack on Crypto

The Polish crypto community has responded to a government-backed social media campaign against cryptocurrency with a video of their own.

On 6 May, crypto enthusiast Piotr Pacewicz screen wrote and directed ‘Krypto’, a short piece outlining the facts about cryptocurrency and blockchain. The video was produced by a small film company with the aim to “educate, educate and educate. Because [almost] no one knows the fundamentals about Bitcoin and blockchain,” explained Pacewicz.

The video was a direct response to a perceived campaign of casting fear, uncertainty, and doubt over the cryptocurrency in the country. It has been stepped up this month by the government’s latest plan to promote a social media campaign against digital currency, according to Cointelegraph.

The Polish Financial Supervision Authority (KNF) held a tender order on 10 May costing around USD 170,000 to disseminate the risks of cryptocurrency trading. This is the second of its kind recently; the last one in February of this year, this time commissioned by Poland’s Central Bank, in which anti-crypto video was produced for the sum of about USD 25,000 or PLZ 91,000 (Polish zloty).

The video, produced in partnership with Polish YouTube partner Gamellon, Google Ireland, and Facebook Ireland titled “I lost all the money” credited no endorsements to the government sponsorship or its co-sponsors. The film illustrated the rise and fall scenario of a Polish blogger who ends up fishing for fiat coins out of a public fountain after losing his newly-acquired wealth on crypto dealing.

Although Poland recognizes cryptocurrency trading, the trend is generally negative, including the recent dismissal of Anna Streżyńska, the former crypto-friendly minister of digital affairs.

The current situation seems to be, apply pressure on the crypto space until the public respond. Such was the case earlier this month when the government announced lifting income tax after an immediate public response through a Change.org petition, which gained over 5,000 signatures asking for tax exemption for crypto technology dealings.

Polish journalist and YouTube blogger Karol Paciorek, spoke out against the video release:

“There was a product placement deal between NBP and three large YouTube channels: Marcin Dubiel – 937,000 subscribers; Wiśnia – 818,000 subscribers; and Planeta Faktów – 1 mln subscribers. It’s an educational campaign paid from a government-based organization. Someone asked NBP how much they have paid for the campaign and got an answer.”

Jacek Walenski, the secretary of the Polish Bitcoin Association (PBA) branded the video as “unprofessional and stupid”, but doubts if it had the impact desired by the Central bank of Poland. Bitpay, Poland’s largest cryptocurrency platform, reported no loss of clientele after the video’s airing on YouTube.

Krypto‘s director says that the film is a “brick [for building] a better world, [one] with a financial system where everybody is equal”. At the time of publication, Krypto has just over 23,000 views on YouTube.

 

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Major Polish Bank Adopts Blockchain Technology

A partnership with blockchain company Coinfirm was announced by Polish bank PKO Polski on 29 March.

PKO has embraced Coinfirm’s Trudatum tool in order to provide its customers with a secure means to access documents containing information regarding regulations, transactions, fees and commissions. This would eliminate the need for paper documentation and represent a major boost to the bank’s financial budget, reducing costs to servicing its nine million customers.

Banks in Poland are becoming increasingly interested in adopting the new technology in order to deliver a more efficient, secure and cost-efficient system for customers as current methods are proving to be susceptible to problems such as removal of data and modification.

President of Polish fintech company MC2 Solutions, Anna Strezynska, indicates that the Polish Bank Association is currently looking at different ways of alleviating these issues within Polish banking systems and consequently investigating alternative solutions including blockchain technology.

PKO vice president Adam Marcinak indicated that the Trudatum system had been tested by the bank since last year to great success. Following the tests, the bank has decided to opt for further cooperation with the platform. He sees the future as very positive and believes that PKO will “be able to carry out a pioneering operation of implementing blockchain technology into the Polish banking sector”.

New technology and the banking system 

Worldwide, barely a day goes by without the announcement of another major bank either testing or trialling the new technology. Combining shared databases and cryptography, blockchain technology allows multiple parties to have simultaneous access to a constantly updated digital ledger that cannot be altered. Some financial institutions see the potential of these attributes as irresistible.

A fast, low-cost, cross-border wiring service using blockchain is being considered this year between Japanese BTMU and Merrill Lynch, Royal Bank of Scotland, Australia’s Westpac and other international banks in order to improve existing systems.

The Bank of England indicated last week that is also testing blockchain possibilities to enhance its Real Time Gross Settlement Service (RTGS) through using distributed ledger technology.

 

 

 

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