Norway's advisory board is contemplating the introduction of a state digital currency and its impact on a cashless society.
Committee and Regulations
Norwegian advisory committee has opposed the immediate implementation of a state-controlled digital currency. The value of cash was acknowledged as an accessible and secured payment method, while the potential of CBDC for future considerations was noted. The committee also advocated the development of mandatory regulatory structures.
Norway's Cashless Path
Survey reveals Norway as one of the most cashless countries in Europe, with only 2% relying on cash for the majority of transactions. The report also noted that 20% of payments at physical sales points were made via mobile platforms.
International Context and Future Steps
Similar actions are observed in Sweden and South Korea, where CBDC projects are being evaluated. By 2025, Norway's central bank is expected to provide recommendations on CBDC adoption, with a final decision to follow.
A decision on the adoption of CBDC is awaited by 2025 and could be pivotal for Norway's cashless economic policy.
