“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. We look forward to cooperating with the financial industry and other central banks on work in this area," says Governor Ida Wolden Bache.

There are two main variants of CBDC, retail and wholesale. Retail CBDC would be a universally accessible means of payment in line with cash and bank deposits. Wholesale CBDC would only be available to banks and other financial sector entities with an account at the central bank. It will be possible to use such CBDC for interbank settlement in the same way as banks’ deposits in Norges Bank are used today, but the technology differs. With wholesale CBDC, banks’ deposits are represented as digital units – tokens –  in a ledger based on blockchain technology. 

The Norwegian payment system is efficient and secure. Operations are stable, and payments can be made swiftly, at a low economic cost and tailored to users' needs. Contingency arrangements in the payment system are sound and efforts are being made to strengthen them further.

The need for a CBDC in Norway may change. Financial system technology is advancing rapidly, and new services and participants are emerging. Tokenisation enables innovation and efficiency gains and allows for lower settlement risk. At the same time, there are other risks and aspects of tokenisation that must be clarified, and the extent of usage is uncertain. 

Many central banks are researching CBDCs, and the Eurosystem is considering the introduction of a digital euro. Relevant off-the-shelf IT systems or standards for such systems do not yet exist. If other central banks introduce CBDCs, this may enable infrastructure collaboration.

Norges Bank will continue to research tokenisation and different forms of CBDC in order to be able to introduce a CBDC should it be necessary and monitor international developments. The Bank will research the possibilities and consequences of tokenisation through activities such as experimental testing, also in collaboration with other payment system participants. The Bank will provide input to necessary legislation and explore the possibility of using the Eurosystem's CBDC solutions and standards. 

The CBDC research is referred to in Strategy 28, published on 10 December 2025. In 2026 Q1, Norges Bank will publish a report on its CBDC research and provide more detailed plans for further work.