Exploration of central bank digital currency
Today, Norges Bank has published four reports from the work to explore central bank digital currency (CBDC). The conclusion is that introducing a central bank digital currency is currently not warranted, but that it may be so in the future.
This work has been part of Norges Bank's strategy for the period 2023–2025. The aim of the exploration has been to establish a basis for a decision on whether Norges Bank should issue a CBDC, and if so, in what form and with which characteristics.
On 10 December, Norges Bank announced that introducing a central bank digital currency was currently not warranted. The need for such a currency may, however, change in the future. The four reports published today describe the exploration work and the assessments underpinning the conclusion. Norges Bank will continue to explore tokenisation and different forms of CBDC in order to introduce a CBDC should it be necessary The Bank will explore the possibilities and consequences of tokenisation through activities such as experimental technology testing, also in collaboration with other payment system participants.
To conclude the exploration phase, the following has been published today:
- Central bank digital currency - final report for project Phase 5, Norges Bank Papers 1/2026
- Assessment of the potential consequences for Norway of the introduction of a digital euro, Norges Bank Papers 2/2026
- Central bank digital currency – experimental testing in project Phase 5, Norges Bank Papers 3/2026
- Tokenised bank deposits, wholesale CBDC, and the central bank’s liquidity management, Staff Memo 1/2026