Norway’s central bank to test technical solutions for a CBDC

In line with the recommendations of an internal working group, протестирует various technical solutions for a national digital currency (CBDC) over the next two years.

According to the working group, the motivation to study CBDC has strengthened, many central banks are conducting relevant work, and some have already moved to technical testing. Payment technologies are developing rapidly, and the use of cash is declining. Researchers assessed Norway’s share of cash payments as probably the lowest in the world.

“Central bank money provides the payment system with a number of important attributes that may matter for preservation and further development through the issuance of a CBDC. We need additional knowledge to determine whether such a step is advisable,” said Norges Bank chair Øystein Olsen.

The central bank noted that it has been researching CBDC for four years. The move to technical testing will mark a new phase of the ongoing work, aimed at identifying a preferred solution should the deployment of a digital currency become relevant.

Earlier, at Norges Bank не увидели основания for an urgent release of a digital currency.

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