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Norges Bank Aligns with MiCA, Norway Plans To Adopt CBDC

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Norges Bank Aligns with MiCA, Norway Plans To Adopt CBDC

Created 5 months ago, last updated 5 months ago

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Norges Bank Aligns with MiCA, Norway Plans To Adopt CBDC

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Focus on Regulatory Gaps

Norges Bank, Norway’s central bank, has endorsed the European Union’s Markets in Crypto-Assets Regulation (MiCA) as it continues evaluating the feasibility of a central bank digital currency (CBDC). The bank sees MiCA as a crucial regulatory framework for crypto-assets, particularly as Norway operates within the European Economic Area (EEA).

This alignment underscores the country’s commitment to EU regulations. According to Kjetil Watne, project director for Norges Bank’s CBDC initiative, MiCA is currently under review by Norway’s Ministry of Finance. Watne highlighted the potential need for additional regulations to ensure financial stability.

Focus on Regulatory Gaps

Norges Bank is yet to decide on issuing a CBDC. However, it is carefully examining regulatory gaps, particularly those concerning decentralized finance (DeFi). Watne noted that while MiCA provides a solid foundation, the bank is exploring supplementary measures to strengthen financial oversight. The central bank views CBDCs as a potential tool for improving cross-border payments. Yet, the exact structure of such a system remains uncertain.

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