Status report – Norges Bank’s central bank digital currency project
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A central bank digital currency (CBDC) is a digital form of central bank money denominated in the official unit of account for general purpose users. It is a claim on the central bank, in the same way that banknotes and coins are today. By comparison, bank deposits are claims on private banks. Owing to declining cash usage and the possibility of major structural changes in the monetary and payment system, Norges Bank is assessing whether it is appropriate also to issue a digital form of central bank money to ensure that members of the public are able to pay efficiently and securely in Norwegian kroner also in the future. In Norges Bank (2018), a Norges Bank working group presented an overview of factors that should be given weight in an assessment of whether Norges Bank should issue a CBDC in addition to cash. In Norges Bank (2019), the working group took a closer look at possible objectives of a CBDC and alternative designs for achieving these objectives. The CBDC project is now in its third phase. The purpose of publishing this status report is to provide information about the work, disseminate knowledge and invite stakeholders to a dialogue.