The Norwegian Central Bank, Norges Bank, is yielding to the recommendations of an internal working group, to proceed with the testing of a technical solution for the proposed Central Bank Digital Currency (CBDC) for the country. According to the bank’s official announcement, the launch of the technical solution testing for the CBDC became imperative as the next step, following a 4-year research into a potential launch of the Digital Krone.
The development of a CBDC is taking the center stage amongst the world economies today. The advent of cashless payment systems and the proliferation of digital currencies has made many central banks question the future potentials of fiat currencies and the prospect of a digital version. The 4-year research conducted by the Norges Bank has also been launched by other central banks while a few have entered the technical testing phases.
The technical solutions testing program will run for two years and will seek to provide answers to the question of w
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