#cryptonews
Deputy Central Bank Governor Pal Longva said that Norway isn’t concerned about lagging behind other wealthy nations in its CBDC efforts.
Norway’s central bank is moving forward with plans to decide on whether to introduce a central bank digital currency for the country with a population of about 5.5m people by next year.
Longva said that Norway feels “no urgency” to accelerate its efforts toward a digital currency, even as the ECB prepares for a possible future introduction of one.
Moving forward, Norges Bank is expanding its research into wholesale CBDC applications for phase five. It plans to finalize this decision by the end of 2025.
“I don’t think we’re falling behind on CBDC efforts,” Longva said. “We are in line with many central banks — we are studying complex issues and we have a lot to consider and assess, and there is no urgency as of now,” he told Bloomberg.
In a 2024 Norges Bank survey, about 2% of respondents used cash for their most recent in-person transaction, indicating a plateau rather than a continued decline.
Norway, known for its leadership in digital payments, saw a sharp decline in cash usage during the pandemic, driven by the convenience and safety of contactless payments. However, recent data shows that cash usage has stabilized.