Poland’s central bank — Narodowy Bank Polski (NFB)— has admitted to paying for social media campaigns that attacked the legitimacy of cryptocurrencies. The bank spent 91,000 zloty ($27,100) on the campaigns, with the money going to Google, Facebook, and a Polish Youtube partner network called Gamellon, Money.pl reports.

The news comes after the site published a letter from NFB in which it admits it paid for the anti-crypto campaign. While it’s not unusual for governments or agencies to issue warnings or try to educate the public on what regulators may consider risky investments, Polish financial authorities have taken it a step further, spending taxpayers’ money on a smear campaign— trying to sway public opinion against crypto assets by paying social media influencers to attack them.

The bank worked in cooperation with the country’s Financial Supervision Authority, Komisja Nadzoru Finansowego (KNF). Dubiel’s video, which has over 500,000 views, contains the hashtag #uważajnakryptowaluty.

The tag is associated with the “Watch out for cryptocurrencies” website, which was set up by the central bank. The Planeta Faktów (Planet of Facts) Youtube channel was also paid to produce a video titled “10 differences between money and cryptocurrency that you need to know.” Of note is that the video was not marked on Youtube as “including paid promotion,” and there is also no mention in its description that it is part of the campaign for which the NBP paid.

Polish technology website Spider’s Web notes that this is against the law in Poland, where sponsored content has to be marked as such. Furthermore, judging by the quality of the content, its distribution channels, and its creators, the smear campaign appears to target a younger generation. Read more from newsbtc.com…

thumbnail courtesy of newsbtc.com