Norges Bank is considering to create cryptocurrency

The Norwegian central bank, is considering developing its own Crippto currency as a supplement to money in order to "ensure credibility in the money and the monetary system." The report, prepared by the Bank's Working Group, examines the aspects that they believe should be taken into account when assessing the issuance of a CBDC. The authors highlight at least three possible CDBC applications: the introduction of a credible alternative to private bank deposits, appropriate legal tender as a cash supplement, and an independent backup solution for electronic payment systems.

The report states that the new Crippto currency could provide customers with an alternative means of storing assets. According to the central bank, CBDC's creation should also not interfere with the ability of the bank and other financial institutions to lend. Norges Bank promises to continue to issue money as long as there is demand.

Other countries in Europe have also begun to consider issuing a digital currency through their central bank. Similarly to Norway, the Swedish central bank is considering e-crown as a result of the declining monetary circulation.

It has been reported that the Swiss Federal Council has requested a study of state support for the digital currency in which to examine the risks and opportunities of its introduction. Now the lower chamber of the Swiss parliament must decide whether to support the request of the Federal Research Council. If the proposal is approved, the Swiss Ministry of Finance will conduct the study.

Source: Bloomberg

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