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Norway’s central bank on Thursday announced it will start testing various solutions for a central bank digital currency as the world’s most cashless country moves to further decrease cash transactions, which now stand at roughly 4%.

“Norges Bank’s research into CBDCs has run for a good four years. A new element moving ahead will be technical testing combined with further analysis of the need for and the implications of introducing a CBDC,” the bank said in a statement, first reported by Anadolu Agency.

The central bank added that the tests will continue over the next two years.

“Additional knowledge is necessary for us to be able to decide whether issuing a CBDC is appropriate,” Norges Bank Governor Øystein Olsen, said in a statement.

 

 

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