PLCOIN: Bank PKO BP will have its own cryptocurrency? 

PKO BP has just registered a mark with the Patent Office PLCOIN. It would not be surprising, if not for the fact that this is another action of this type, which makes everyone realize how seriously the bank takes the possibility of creating its own cryptocurrency. It is the first Polish bank that has been investing in blockchain technology for months. At what stage of advancement are the works? 

In the field of blockchain technology, PKO BP is undoubtedly a Polish pioneer. You have to distinguish the technology itself from cryptocurrencies. The first Polish blockchain banking service is based on blockchain - "Durable medium". PKO BP created it and implemented it together with the Coinfirm start-up, known as the Polish one crypto superstar.

Bank employees can also benefit from Blockchain Competence Center (CKB) training to meet the growing requirements faster. Apart from "Durable medium" na blockchain technology other solutions are also based in the bank's infrastructure: e-RA, SIRA, Sandbox Blockchain or a reporting system for the Ministry of Finance. The bank also has a grant system, operating in cooperation with the Warsaw University of Technology, dealing with the implementation of tokenization services and smart contracts.

PKO BP wants to have its own cryptocurrency?

However, everything indicates that when the company's management found out that blockchain technology brings many business benefits, the horizons of possible expansion widened even more. According to many business observers, PKO BP may be preparing to issue its own cryptocurrency. Why? All through another application to the Patent Office. Not the first in the performance of this bank. 

This time it turned out that in the first days of January, PKO BP registered the word and figurative mark PLCOIN. This is another move in this regard, because already in October 2017, PKO BP reserved several names that are clearly associated with cryptocurrencies. These include: Coin fields, PLCoin, Poland coin, half coin or Coin field. Back then, it was supposed to be only security measures, but it didn't end there. After the names were reserved, already in 2018, PKO BP launched its own blockchain, used in banking operations, for a PLN 6 million subsidy from the National Center for Research and Development. 

As part of this project, the possibility of issuing and trading tokens as well as securing banking services and implementing new ones based on smart contracts operating on the block chain was also studied.

National or banking cryptocurrency?

For now, there is no cryptocurrency introduced by the bank in Poland, but it is PKO BP that is undoubtedly the most advanced in this topic. It is different with the national cryptocurrency. When other countries are already developing it, and China even has and is completing tests in metropolises of millions, Poland is wondering for now.

- NBP is closely monitoring progress in the work on CBDC emissions [national cryptocurrencies - ed. ed.] in the world, so that - if necessary - to be able to take appropriate action also in Poland. Under Polish conditions, the rationale behind other central banks when initiating pilot tests for the issuance of CBDC or the implementation of digital money is not currently reflected. - says Adam Glapiński, president National Bank of Poland. 

Everything indicates that - as usual - we will be far behind. The implementation of the national cryptocurrency takes at least two years of advanced work. We haven't started them yet, and it seems that we will not start soon. And we won't end sooner than when many countries already have their digital money.