“A decline in cash usage has prompted us to think about whether at some future date a number of new attributes that are important for ensuring an efficient and robust payment system and confidence in the monetary system will be needed. If the answer is yes, a CBDC may be an appropriate measure for remedying weaknesses that may otherwise arise. It is not Norges Bank’s ambition to take over credit provision from banks. A premise underlying this work is that the existence and scope of a CBDC must not impair the ability of banks and other financial institutions to provide credit.”This is a pretty exciting development. Norway have often been considered as a very technologically advanced country and indeed, the production of a national cryptocurrency would set them up for a very strong future on the blockchain. The most exciting thing here though, is that Norges Bank are responding to some real-life facts and figures here. They see a gap in the market, driven by a thirst for a cash-less society. This indeed is a very exciting time for Norges Bank and the people of Norway. It’s still in its early stages, but soon enough, Norway could be spearheading a new culture for sovereign cryptocurrencies across the world.