A statement was made by the Norway Central Bank official about the country’s digital currency project. Stating that there is no urgency yet, it was signaled that every step in the project was taken with care.
While news about central bank-backed digital currencies continues to come from various countries of the world, a new update has arrived from Norway. Ida Wolden Bache, vice-president of the Norwegian Central Bank Norges Bank, commented at an event she attended that there is currently no urgency for the transition to digitalization.
Cash usage falls in Norway
In Norway, Bitcoin (BTC)-like digital currency studies are progressing in its third phase. However, Bache, who provided relevant information at the Finance Payments Conference, which he attended on Thursday, stated that there is no need for a digital currency yet.
Saying that cash usage has decreased in Norway, Bache said that the extent to which payment applications are used will affect the transition to a Bitcoin-like digital currency.
According to Bache, cash also has its own benefits. Among these benefits are the ability to rush to help in places where electronic means are not available, being widespread and legal, and being free from credit risk.
Digital money and cash usage are planned to be carried out together
In his comment on electronic currencies, Bache stated that an environment with both a cash and an electronic payment system could be more effective for the economy, rather than completely ignoring cash. However, it will not be that early for the project to come to life.
Bache attributed this to the fact that an electronic currency project is a project that approaches the role of the central bank in many ways. According to Bache, these approaches are not only based on technology.
Bache stated that they are also in talks with other central banks working on digital currency like Bitcoin in order to gain information about their experiences. According to Bache, this transition will bring significant changes to the country’s monetary system, although there will not be a drastic transition to digitalization anytime soon.