Norway is in no rush to introduce digital currency as use of cash plummets

From: RegTech Analyst

While only 4% of transactions in Norway are conducted with cash, the nation’s central bank is in no hurry to introduce a digital currency.

Speaking at an Oslo conference, deputy governor of Norges Bank Ida Wolden Bache said that the use of physical money is probably lower in Norway “than in any other country.”

And yet, even though the bank has explored introducing a central bank digital currency, it is yet some ways off in the cards.

“The prospective introduction of a CBDC is still some way off,” Wolden Bache cautioned. “The lack of urgency reflects our view so far that there is no acute need to introduce a CBDC. The introduction of a CBDC could have considerable consequences in a number of areas. Our decision must be well-informed.

“Introducing a CBDC will involve such a substantial change in the monetary system that it will require a political decision. It could also involve the question of whether the Central Bank Act would have to be amended.”

Of course, Norway is not the only nation to consider a digital currency – Sweden, France, and China are all doing the same.

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