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Norges Bank advances its CBDC pilot in a fifth phase, exploring introduction and design models amid evolving global payment trends. 
In a <a href="https://www.norges-bank.no/en/news-events/news-publications/News-items/2023/2023-12-18-cbdc/" target="_blank" rel="noopener">press release</a> on Dec. 18, <a href="https://crypto.news/tag/norges-bank/" target="_blank" rel="noreferrer noopener">Norges Bank</a>‘s researchers revealed that the central bank’s pilot on a central bank digital currency (<a href="https://crypto.news/tag/cbdc/" target="_blank" rel="noreferrer noopener">CBDC</a>) is entering a new phase, marking the culmination of a two-year effort by a working group. 
According to the statement, the fifth phase aims to establish the foundation for deciding whether Norway should proceed with the introduction of a CBDC or not. 
While exact dates were not specified, the final verdict is <a href="https://www.norges-bank.no/contentassets/fb85d452791d4d1a9f04aa4d3c18683d/norges-bank-papers-2---phase-4---final-report.pdf?v=12182023133556" target="_blank" rel="noreferrer noopener">expected</a> to be revealed by the end of 2025. Ida Wolden Bache, the governor of Norges Bank, emphasized that while <a href="https://crypto.news/tag/norway/" target="_blank" rel="noreferrer noopener">Norway</a>‘s current payment system functions effectively, considerations such as declining cash usage and global developments in CBDCs warrant a thoughtful approach. 
<blockquote class="wp-block-quote"> 
 “Norges Bank wants to be prepared to be able to introduce a CBDC if the payment system evolves in a direction where important societal considerations are challenged.” 
 Ida Wolden Bache 
</blockquote> 
 You might also like: <a href="https://crypto.news/bis-unveils-technical-priorities-for-cbdcs-in-americas/"> BIS unveils technical priorities for CBDCs in Americas </a> 
The project’s fifth phase will focus on analyzing possibilities and impacts, testing candidate solutions, and researching new settlement forms in state-controlled digital money in a bid to foster financial system innovation. The project will maintain engagement with stakeholders in the Norwegian payment system as well as other central banks. 
Norway first <a href="https://crypto.news/norway-central-bank-announced-plans-to-begin-testing-cbdc-solutions/" target="_blank" rel="noreferrer noopener">announced</a> plans to start CBDC experiments in April 2021, saying the motivation for research into CBDCs “has been strengthened.” Eventually, the central bank wants to find a preferred solution if it becomes relevant to introduce a CBDC in the country. 
 Read more: <a href="https://crypto.news/italy-and-south-korea-central-banks-reach-agreement-on-cbdc-collaboration/"> Italy and South Korea central banks reach agreement on CBDC collaboration </a>

Norway’s central bank advances CBDC pilot to new phase, unveils deadline

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