The Norwegian central bank recently concluded that the introduction of central bank digital currency (CBDC) is "not currently necessary," a clear signal that the country is reassessing the urgency of retail and wholesale CBDCs.
The central bank noted on Wednesday that Norway's existing payment systems are already capable of providing secure, efficient, and low-cost transaction services, which has reduced the recent demand for CBDCs. However, the bank remains open to the possibility of launching a CBDC in the future but believes that current conditions do not justify an immediate rollout.
Norwegian central bank governor Ida Wolden Bache stated, "The Norwegian central bank has determined that the introduction of central bank digital currency is not necessary at this time. However, the demand for such currency may change with future circumstances."
Bache further emphasized that if the future requires maintaining an efficient and secure payment system, the central bank will be prepared to launch a CBDC.
The adjustment of the central bank's latest position comes after years of experimentation with retail and wholesale CBDC models, including token-based settlement tests conducted on blockchain infrastructure.
In 2023, the Norwegian central bank participated in the "Project Icebreaker," which explored innovative frameworks for cross-border retail CBDC transactions. In 2024, Kjetil Watne, the CBDC project director at the Norwegian central bank, pointed out in an interview with Cointelegraph that if a CBDC is eventually issued, it will coexist with cash and digital currencies.
However, in the latest statement, the central bank clearly stated that while wholesale CBDCs may ultimately facilitate the modernization of interbank settlements, their benefits have not yet been fully demonstrated, and there is currently no mature infrastructure or standards to support immediate deployment.
The central bank wrote in its statement, "Many central banks around the world are researching CBDCs, and the euro system is also considering the launch of a digital euro. However, the relevant mature IT systems or standards have not yet been established."
The Norwegian central bank indicated that if other central banks introduce CBDCs, this could create conditions for infrastructure cooperation, suggesting that the central bank has not completely ruled out the possibility of CBDCs.
The bank also added that it will explore the possibility of utilizing the euro system's CBDC solutions and standards.
The European Central Bank (ECB) has recently entered the next phase of its digital euro project. It is estimated that the issuance of CBDCs could start in 2029, depending on whether an appropriate legal framework can be established.
On October 30, the European Central Bank stated that if the relevant legislation can be completed by 2026, a CBDC pilot project could be launched in 2027. This would prepare the euro system for a potential first issuance of digital currency in 2029.
Related: The Defense Authorization Act does not ban central bank digital currency, and Republican hardliners express dissatisfaction.
Original article: “Norwegian Central Bank States CBDC 'Not Necessary,' Emphasizes Existing Payment System Robustness”
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