Norway's central bank advances CBDC pilot to new phase, unveils deadline

2023-12-19 10:40:13

Norges Bank advances its CBDC pilot in a fifth phase, exploring introduction and design models amid evolving global payment trends.

In a press release on Dec. 18, Norges Bank‘s researchers revealed that the central bank’s pilot on a central bank digital currency (CBDC) is entering a new phase, marking the culmination of a two-year effort by a working group.

According to the statement, the fifth phase aims to establish the foundation for deciding whether Norway should proceed with the introduction of a CBDC or not.

While exact dates were not specified, the final verdict is expected to be revealed by the end of 2025. Ida Wolden Bache, the governor of Norges Bank, emphasized that while Norway‘s current payment functions effectively, considerations such as declining cash usage and global developments in CBDCs warrant a thoughtful approach.

“Norges Bank wants to be prepared to be able to introduce a CBDC if the payment evolves in a direction where important societal considerations are challenged.”

Ida Wolden Bache

The project’s fifth phase will focus on analyzing possibilities and impacts, testing candidate solutions, and researching new settlement forms in state-controlled digital money in a bid to foster financial innovation. The project will maintain engagement with stakeholders in the Norwegian payment as well as other central banks.

Norway first announced plans to start CBDC experiments in April 2021, saying the motivation for research into CBDCs “has been strengthened.” Eventually, the central bank wants to find a preferred solution if it becomes relevant to introduce a CBDC in the country.

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