Norway to test CBDC

26.04.2021 |

The Central Bank of Norway, after the recommendation of a special working group, will start testing its own national digital currency. Unlike other existing tests of other countries, the Nordic state is exploring several possible implementations of CBDC in the tests. Blockchain-based platforms, as well as centralized retail and commercial-type technologies, will also take part in the test.

Experts from the working group suggested that regulators in many countries are working intensively to develop and test their own digital assets amid increased interest in free cryptocurrencies from not only small retail investors, but also large capital. In addition, Norway, like other countries in the region, is a leader in reducing the use of cash. Some experts attribute this to the low level of economic crime, which additionally provides a favorable ground for the adoption of bitcoin and other cryptocurrencies on fairly loyal regulatory conditions.

Meanwhile, the Norwegian Central Bank has already been working on the CBDC issue for the last four years, and testing the technological side of the issue will be a new step on the way to launch and transform the regulator’s monetary policy.