Counterarguments, Financial Disintermediation, and Privacy Risks
The potential introduction of a central bank digital currency in Poland poses considerable operational and structural risks to the domestic banking architecture, primarily through the threat of bank disintermediation and compromised financial confidentiality. When a central bank grants retail depositors direct access to digital sovereign money, retail commercial institutions face the acute hazard of deposit substitution, which directly constrains their lending capacity and destabilizes traditional funding models (CBDCs: Pros and Cons, 2023). This disintermediation dynamic becomes particularly volatile during periods of macroeconomic stress or systemic uncertainty, wherein swift capital reallocation from private deposit accounts to central bank balances can precipitate digital bank runs (Central Bank Digital Currency (CBDC), 2025). Furthermore, central bank digital currencies fundamentally alter the governance of personal financial data by centralizing transaction records under regulatory oversight. While central banks highlight enhanced anti-money laundering enforcement and targeted monetary policy execution as structural benefits, this supervisory architecture inherently diminishes personal transaction privacy and exposes users to heightened surveillance (CBDC - Digital Currency of Central Banks, 2023). Consequently, the transition toward a digital zloty cannot be justified solely through technical efficiency or payment modernization, because the accompanying erosion of commercial bank stability and privacy protections undermines the foundational trust required for sustainable monetary governance.