April 23, 2021 / news

Norway To Start Testing National Digital Currency (CBDC)

cbdc

The country’s central bank stressed that the decision to launch CBDC has not yet been made.

Norwegian central bank has announced that it is going to test various technical solutions for the central bank’s digital currency (CBDC). The regulator has been conducting research in this area for four years. The trials are expected to last for the next two years.

  • The regulator notes that the share of cash payments in Norway is now probably the lowest in the world. Norwegian central bank believes that cash has a number of important attributes that it makes sense to digitize through the issuance of CBDCs.
  • The central bank emphasizes that the decision on the issue of digital currency has not yet been made. The research group, which was engaged in research in this area, recommended that the regulator move to tests. Further analysis of the results will allow us to understand whether the country needs a CBDC and what risks are associated with its emission.
  • One of the goals of technical testing is to find the preferred technological base for the implementation of CBDC, if a decision on its emission is made.

According to the consulting company PwC, as of the end of April 2021, 60 central banks around the world are developing CBDCs. Analysts also named the leaders in the market for the development of state digital currencies: the Bahamas, Cambodia and China. PwC evaluated projects based on their level of readiness and analysis of technical capabilities.

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