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Already, the country’s DNB bank has stopped handling cash, with Trond Bentestuen, group executive vice president of wealth management and insurance at the bank, telling local media as far back as 2016, that only 6 percent of Norwegians use cash on a daily basis. Further, Jon Nicolaisen, deputy governor of Norges Bank, stated in a speech last April that the role of cash “continues to diminish” as consumers move towards electronic payments, adding that “For many consumers, electronic central bank money could provide an alternative to deposit money in a bank, as cash does today. There is virtually no international experience to draw on. Further analysis is needed to assess the purposes of a CBDC, the types of solutions that best achieve these purposes and the benefits measured against financial and other costs. The authors conclude that it is “too early” to conclude whether Norges Bank should take the lead and introduce a central bank digital currency. At the same time, the working group did not identify problems that would rule out the idea. Chinese Blockchain Complex Offers Startups Millions in Subsidies A new blockchain industrial park in China aims to attract talented individuals and startups by offering millions of dollars-worth of subsidies.
The central banks of Norway and England have published reports exploring different models for central bank-issued cryptocurrencies. It is too early to conclude whether Norges Bank should take the initiative in introducing a CBDC. There is virtually no international experience to draw on. Further analysis is needed to assess the purposes of a CBDC, the types of solutions that best achieve these purposes and the benefits measured against financial and other costs.
CBDC follows a set of core principles, bank funding is not necessarily reduced, credit and liquidity provision to the private sector need not contract, and the risk of a system-wide run from bank deposits to CBDC is addressed. If a successful central bank digital currency were to become widely used, it could become a substitute for retail banking deposits. This could restrict banks’ ability to make loans for productive economic activities and have broader macroeconomic consequences. What is your opinion on central bank-issued cryptocurrencies?
Tell us in the comments section below! Need to calculate your bitcoin holdings? Samuel Haig is a journalist and entrepreneur who has been completely obsessed with bitcoin and cryptocurrency since 2012. Samuel has written about the dialectics of decentralization, and is also a musician and kangaroo riding enthusiast. I have reported you for impersonation.