Norges Bank announced that it does not currently recommend introducing a central bank digital currency after completing a multi-year assessment of whether a digital krone is needed to support secure, efficient and attractive payments. The central bank said on Tuesday that Norway’s existing payment infrastructure remains stable, low cost and resilient, meaning a CBDC would not bring immediate benefits.
Governor Ida Wolden Bache said the institution will remain ready to act if conditions change. “Norges Bank has concluded that introducing a central bank digital currency is currently not warranted. The need for such a currency may, however, change in the future. We will be ready to introduce a central bank digital currency if it becomes necessary to maintain an efficient and secure payment system,” she said. She added that the bank looks forward to continued cooperation with the financial industry and other central banks.
Retail and wholesale CBDC paths
The bank’s analysis covers both retail and wholesale CBDCs. Retail CBDC would function as a public means of payment similar to cash and deposits, while wholesale CBDC would be reserved for banks and financial entities using token based settlement. Norges Bank noted that wholesale models leverage blockchain based ledgers where deposits are represented as digital units, a shift from current settlement systems.
Norway’s current payment system is described as efficient, secure and well tailored to user needs with sound contingency arrangements. The central bank said this strong baseline reduces the necessity of introducing a CBDC in the short term.
Tokenisation and international developments
The decision reflects broader uncertainty about the future scale and risks of tokenisation. While tokenised settlement could lower risk and improve efficiency, Norges Bank cautioned that operational, legal and financial aspects still require clarification. At the same time, many global central banks are advancing CBDC research, including the Eurosystem work on a potential digital euro. The bank said that no suitable off the shelf IT standards currently exist, making timing and cooperation important considerations.
Norges Bank will continue to study tokenisation and multiple forms of CBDC, including through experimental testing and international collaboration. The institution also plans to contribute to legislative work and assess whether future Eurosystem infrastructure could be used for a Norwegian CBDC if needed.
The central bank’s CBDC research framework is referenced in Strategy 28, published on 10 December 2025, with a more detailed report scheduled for release in the first quarter of 2026. The update is expected to outline next steps and provide further clarity on how Norway will approach digital money in the years ahead.