Norwegian Central Bank Considers National Cryptocurrency to Secure Monetary System

Norwegian Central Bank Considers National Cryptocurrency to Secure Monetary System
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Norges Bank, the Central Bank of Norway, recently published a statement that hints it could be just about to create a national cryptocurrency to ensure confidence in money and the monetary system.

This confirms the long-suspected intentions of several central banks around the world to develop their own digital currencies. The Norges Bank’s report is the first time they have shown any intention to adopt the blockchain for themselves.

Norway’s Central Bank could develop a cryptocurrency of their own
The bank explains that a convergence of decline in cash payments and developments in technology has forced them to seriously consider whether they should develop a crypto coin to secure confidence in the monetary system and to keep the payment system sound and effective.

The paper was prepared by a team previously designated by the bank to explore the possibilities cryptocurrencies could offer them. It reviews various aspects relevant to issuing such kind of currency.

CBDC elsewhere in the world

Several other banks around the globe are also pondering the feasibility of creating their own CBDC. Take the United Kingdom as an example. Reports say that the Bank of England is already investing in blockchain technology and researching further possibilities alongside other central banks around the world.

Norwegian Central Bank Considers National Cryptocurrency to Secure Monetary System

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