Norway to develop its CBDC
The central bank of Norway, Norges Bank, has admitted that the time is right for the country to develop its CBDC. Norway is one of the countries that has adopted a cashless economy. As such, it is now taking a step further towards developing its CBDC.Norges Bank Governor Oystein Olsen wasn’t keen on the idea of a central bank digital currency in the past. However, he admits that the apex bank is now looking into its feasibility. Olsen revealed that the central bank would spend the next two years building its knowledge of the area. They will conduct experimental testing of technical solutions for the launching of a CBDC. This to ensure they understand its purpose and potential consequences.
Norges Bank isn’t starting from scratch. For instance, it had already spent four years carrying out preliminary research. However, the apex bank has remained undecided about developing a CBDC until now. Central banks globally see the need to develop and issue CBDCs. Similarly, Norges Bank believes the time is right to make the move.
Olsen said, “A possible introduction of digital central bank money will still be some way off.” He added that their decision reflects that the bank has so far not seen an immediate need for the introduction of such money.
The governor pointed out the decision to launch a CBDC will mean political involvement and potential changes in the country’s laws.
Norway operates a cashless economy
Norway is primed to deploy a CBDC because the country already operates a cashless economy. The McKinsey Global Payments Report revealed that only 3-4% of transactions in Norway are conducted with banknotes and coins, the lowest level of cash usage in the world.Its neighbor Sweden conducts 9% of transactions in banknotes and coins, and the country is already developing its CBDC. The Covid-19 pandemic has accelerated the use of digital payment channels. As a result, cryptocurrencies and stablecoins are gaining massive popularity in recent months.
The rise of cryptocurrencies and stablecoins created the need for central banks to develop and issue CBDCs. This is to ensure that they don’t lose financial control to private financial entities such as Facebook and its impending Diem digital currency launch.
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