Norges Bank has completed the fifth phase of an exploratory project on central bank digital currency (CBDC). The main objective of this phase was 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. The project has assessed both retail CBDC and wholesale CBDC. This is the final report from the fifth phase. Other material from the project is also published: 

• Assessment of the potential consequences for Norway of the introduction of a digital euro (Norges Bank Memo 2/2026)
• Central bank digital currency – experimental testing in project Phase 5 (Norges Bank Memo 3/2026)