Norway's central bank continues testing digital krona
Date: 2024-10-24 Author: Henry Casey Categories: CRYPTO PAYMENTS, IN WORLD
Norges Bank is currently conducting research into two versions of the digital krona - retail and wholesale. The first is intended for use by the population in everyday transactions, while the wholesale version is aimed at improving and speeding up interbank transactions. Officials say that many central banks in Europe, including Norway, are increasingly paying attention to the wholesale model, as it can significantly improve the efficiency of the banking system.
Pål Longva, a representative of Norges Bank, noted that cooperation with commercial banks and other players in the financial sector is necessary for the successful implementation of a retail digital currency. He emphasized that the central bank is carefully assessing all possible risks and difficulties that may arise when introducing a retail digital krona. According to Longva, at the moment there is no urgent need for a quick launch of a state stablecoin, since the process requires detailed elaboration of technical aspects.
The digital crown testing project, which started more than two years ago, is now in its fifth stage. In 2022, an experimental environment was launched - the so-called "sandbox" for testing the central digital currency. The main goal of this project is to check whether the digital crown can maintain the stability of the national currency and the sustainability of the financial system.
