Norges Bank, Norway’s central bank, has concluded that launching a central bank digital currency (CBDC) is “not warranted at this time,” signaling a shift in how urgently the country views both retail and wholesale CBDCs.
In an announcement Wednesday, the bank said Norway’s existing payment system already delivers secure, efficient, and low-cost transactions, reducing any immediate need for a CBDC. Still, it emphasized that the option remains open.
“Norges Bank has concluded that introducing a central bank digital currency is currently not warranted,” said Governor Ida Wolden Bache. “The need for such a currency may, however, change in the future.”
Bache added that the bank will remain prepared to launch a CBDC if it becomes necessary to maintain a safe and efficient payment environment.
Norway hits pause after years of CBDC testing
The updated position follows years of research and experimentation with both retail and wholesale CBDCs, including token-based settlement trials on blockchain platforms.
In 2023, Norges Bank took part in Project Icebreaker, testing new models for cross-border retail CBDC payments. And in 2024, CBDC project director Kjetil Watne told Cointelegraph that any CBDC would likely coexist alongside cash and private digital money.
In its latest assessment, the bank said wholesale CBDCs could one day modernize interbank settlement, but the benefits are still uncertain, and no mature infrastructure or standards exist to support near-term deployment.
“Many central banks are researching CBDCs, and the Eurosystem is considering the introduction of a digital euro. Relevant off-the-shelf IT systems or standards for such systems do not yet exist,” the bank wrote.
Norges Bank added that if other major central banks move ahead with CBDCs, it could open the door to shared infrastructure and collaboration—suggesting the idea isn’t entirely off the table. The bank also said it will explore the possibility of adopting Eurosystem CBDC standards.
Digital euro expected in 2029
The European Central Bank recently advanced to the next phase of its digital euro project, estimating potential issuance in 2029—pending the establishment of an appropriate legal framework.
According to the ECB, if legislation is finalized in 2026, pilot testing could begin in 2027, positioning the Eurosystem for a potential first issuance two years later.
