Yesterday Norges Bank announced that its working group for central bank digital currencies (CBDC) has decided to start exploring technical CBDC solutions. While Norway is part of the European Union, it is outside of the eurozone and, like Sweden, maintains its own currency, the Norwegian krone.
Norway has been exploring CBDCs for four years and reckons that its cash usage is perhaps the lowest in the world. This combined with rapidly evolving payment technologies, is the spur to the new phase of research.
“Central bank cash provides the payment system with a number of important attributes that may be relevant to retain and develop further by issuing a CBDC. Additional knowledge is necessary for us to be able to decide whether issuing a CBDC is appropriate”, said Governor Øystein Olsen.
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