Norges Bank wants to develop its own cryptocurrency
The Central Bank of Norway investigates the impact and socio-economic cost-benefit that a cryptocurrency would have in the country
According to an official document, the Central Bank of Norway would be considering the development of a cryptocurrency in the country, with the aim of “guaranteeing confidence in money and the monetary system“.
Research on the subject is carried out by a working group of the banking entity, which emphasizes at least three possible applications to the issuance of a central bank cryptoactive (CBDC): the introduction of a reliable alternative to deposits in private banks, an adequate legal offer as a complement to cash and an independent backup solution for electronic payment systems.
The Bank’s governor, Øystein Olsen, pointed out that “the decrease in the use of cash has led to the question of whether at some future time a series of new attributes will be needed that are important to guarantee an efficient and solid payment system and the confidence in the monetary system.”
The document also highlights that a type of CBDC “could provide customers with an alternative means of storing assets”. However, the experts inquire into their impacts and the socio-economic cost-benefit analysis of the specific design, so the decision has not yet been made.
N. Moncada
Source: Norges Bank
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