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Often hailed as a pioneer in cashless transactions, Norway is taking a measured approach to Central Bank Digital Currencies (CBDC). Despite being one of the world’s most cashless societies, the government resists the urge to rush into a CBDC rollout.
A Norwegian task force appointed by the government to assess the feasibility has advised delaying the process. The group cited strong regulatory frameworks prioritizing financial accessibility and inclusivity in a digital-first economy.
Why Delay When Cash Usage Is Fading?
Cash has become a rare sight in Norwegian wallets. A recent Norges Bank survey revealed that only 2% of respondents used cash for their most recent in-person payment. Despite this, cash retains its reputation as a secure and inclusive payment method, especially for vulnerable populations.
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Norway has already implemented laws guaranteeing the right to use cash in all transactions. This ensures financial accessibility remains a cornerstone even as digital systems evolve. The task force acknowledged that the decline in cash usage underscores the importance of updating payment regulations.
However, they emphasized that rushing a CBDC rollout might introduce risks the country needs to prepare to manage. The task force recommended ensuring digital payment systems are robust, secure, and accessible before launching a CBDC. They highlighted the importance of adapting current financial regulations to reflect the realities of a predominantly digital economy.
What Lies Ahead for The Norway CBDC Policy?
Norges Bank will provide lawmakers with its official recommendation on a CBDC by 2025. This recommendation will be based on the task force’s findings and the bank’s ongoing research.
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Deputy Central Bank Governor Pal Longva highlighted the value of the task force’s cautious approach. He noted that it provides a clear framework for measured progress. This is to ensure any future CBDC rollout is well-informed and carefully planned.
South Korea Takes Bold Pilot on CBDC
While Norway takes a measured approach, South Korea has launched a CBDC pilot.
This initiative collaborates with seven major banks, including Kookmin Bank and Woori Bank. South Korea’s pilot aims to assess the viability of a digital currency for public use in transactions, ranging from everyday purchases to government services. By doing so, the country seeks to explore how CBDCs can integrate into daily financial activities.
The Financial Services Commission, the Bank of Korea, and the Ministry of Science and ICT have formed a dedicated inspection team to oversee the pilot. This effort ensures compliance with regulatory standards.
