Norwegian Central Bank To Begin CBDC Tests In A Few Years
#Norges #Bank has announced that it will be testing #CBDC operations in a few years.
The Central Bank of Norway (Norges Bank) has announced that it will be testing its central bank digital currency (CBDC) operations in the next few years, according to the latest media coverage. However, the Norwegian Central Bank has been conducting a comprehensive study on CBDCs for the last four years. In addition, CBDC operations are run by a research board.
🚨Statements by Federal Reserve Governor Olsen
According to the statements of Norwegian Central Bank Governor Øystein Olsen, it will be decided whether this operation will be implemented at the end of the central bank digital currency tests. Nevertheless, this step of Norges Bank can be considered as a positive move forward.
Commenting on the CBDC's work, Norges Bank President Øystein Olsen said: “Norges Bank continues to examine the benefits of integrating a central bank digital currency into payment systems. However, we need a little more time for this. At the end of this process, we will announce our final decision on CBDC production. "
Another interesting data is that only 4% of payment transactions in Norway are processed in cash. In this context, considering that Norwegians currently use digital payment methods frequently, it is thought that the CBDC system will be without problems.
🚨People's Republic of China and the United Kingdom Bracket
Norway, a #Scandinavian country, is far behind the People's Republic of China in CBDC operations like many other countries. The Asian giant has been working on the digital yuan for years. China is expanding its CBDC tests, and according to the latest information, PBoC is in the final stage of launching a central bank digital currency, according to a statement made by officials about two weeks ago.
Finally, the UK created a task force to run digital sterling operations, jointly by the Bank of England and the Treasury Department.