Despite being one of Europe’s most cashless societies, Norway intends to make a final decision by 2025, following the conclusion of its ongoing pilot programme.
According to Deputy Central Bank Governor Pal Longva, Norges Bank is preparing to decide next year whether to introduce a digital currency. While other countries, like Switzerland, have already moved forward with their CBDC plans, Norway’s central bank continues to evaluate its options and is in no rush, Longva assured.
The bank is considering retail and wholesale digital currencies, though there is an increasing focus on wholesale options used between banks. However, a retail CBDC, meant for everyday consumers, poses complex issues requiring cooperation with private banks and stakeholders.
Norway, being one of Europe’s most cashless societies, is still moving forward cautiously. A final decision on the introduction of a CBDC is expected by 2025, once the ongoing pilot programme concludes.