Poland is not fond of cryptocurrencies. The state is using every imaginable method to steer savers toward other investments. Authorities even paid YouTubers to publish videos that portray virtual currencies negatively.
Genuine criticism
The National Bank of Poland, commonly known by its acronym NBP, along with the Polish financial supervisory authority KNF, paid YouTubers to discredit cryptocurrencies. These authorities spent a little over €22,000 to redirect investors’ attention toward more conservative products.
Several videos were uploaded as part of the campaign, and their titles and content are revealing. For example, one video explains how a person lost all their money after putting everything into cryptocurrencies. These videos were produced by highly popular Polish YouTubers. Among them is Marcin Dubiel, a creator with more than 900,000 subscribers; his anti-crypto segment received roughly 500,000 views.
The promotional nature was not disclosed
Financial authorities wanted to illustrate that cryptocurrencies are not real currencies and to raise awareness about the risks of investing in digital money, especially due to its volatility. The issue, however, is that some observers say the videos were sponsored.
Nowhere in the videos was this promotional relationship disclosed. In addition to the YouTube content, financial authorities ran a social media campaign, notably on Facebook.
Many internet users have criticized these practices, calling them advertising propaganda. Even if the financial authorities’ stated goal—to protect savers—may be well intentioned, the methods they used appear to be questionable and potentially unlawful.