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Norges Bank exec says Only 4% of Norway payments are made using cash.

Since COVID-19, Cash usage has declined in Norway but physical currency carries strengths that CBDCs may lack.

Norway uses the kroner, the currency issued by Norges Bank, the country’s central bank.

Deputy governor at Norway’s central bank, Ida Wolden Bache, mentioned in her speech during Finance Norway’s Payments conference, that “Only 4% of payments are now made using cash”. She also added, “This share is approximately the same as in spring, and considerably lower than before the pandemic”. “To our knowledge, the share of cash payments is lower in Norway than in any other country.”

The central bank monetary policy director mentioned that if digital payment systems go down, cash is widely accessible.

She also emphasized that that there is no acute need to introduce a CBDC:

“The lack of urgency reflects our view so far that there is no acute need to introduce a CBDC. The introduction of a CBDC could have considerable consequences in a number of areas. Our decision must be well-informed.”

This was also reported by cointelegraph.com on November 06.2020.

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