Norway Rules Out Immediate Need For A CBDC — Here’s Why

Norway’s central bank has decided it does not need a central bank digital currency (CBDC) for now, capping several years of research and signalling that the country’s existing payment system still does the job for consumers, banks and merchants. Norges Bank said Wednesday that introducing a digital krone is “currently not warranted” after assessing whether a CBDC is needed to keep payments in Norwegian currency secure, efficient and attractive. Cash use in Norway has fallen to among the lowest levels globally, which had added urgency to the debate over a potential digital alternative. “The Norwegian payment system is efficient and secure,” the bank said, citing stable operations, fast settlement, low economic cost and “sound” contingency arrangements. It added that work is already under way to further strengthen these back up systems. Norway Leaves Room For A CBDC While Citing No Immediate Requirement Governor Ida Wolden Bache stressed that the decision...

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