Norway supports MiCA, considers CBDC for financial stability
Norway's central bank, Norges Bank, has expressed support for the European Union's Markets in Crypto-Assets (MiCA) regulation as the nation considers introducing a central bank digital currency (CBDC) to enhance financial stability and streamline cross-border transactions.
As reported by Cointelegraph, according to Kjetil Watne, director of Norges Bank's CBDC project, Norway's alignment with the EU’s MiCA framework reflects the country’s broader commitment to regulation in digital finance, despite ongoing evaluation about whether further regulation may be needed to address financial risks.
Norges Bank, a member of the European Economic Area (EEA), is particularly interested in how MiCA’s standards might interact with a potential CBDC. While Watne noted that a decision on a CBDC has not yet been finalized, he acknowledged that Norges Bank is examining how a digital currency could support stability in Norway's financial ecosystem and help mitigate gaps in decentralized finance regulation. Additionally, he highlighted that the Ministry of Finance is currently reviewing MiCA, signaling Norway’s proactive stance toward regulatory alignment.
CBDC for Cross-Border Payments and Privacy Concerns
In recent months, Norges Bank joined “Project Icebreaker,” an experimental initiative testing cross-border CBDC functionality. Watne sees CBDCs as a promising tool for international payments, though he emphasized that such a system remains conceptual for now. If adopted, a CBDC would likely coexist with cash, rather than replace it entirely, offering Norwegians a broader range of payment options.
Addressing privacy concerns, Watne stressed that Norges Bank will avoid tracking individual CBDC transactions, aligning with the privacy standards most central banks uphold. Anti-money laundering compliance would be assured, but customer data access would remain limited.The EU’s MiCA is set to take effect in late December, and questions have arisen about potential “systemic risks” for stablecoin reserves in the banking sector. Tether CEO Paolo Ardoino voiced concerns over MiCA’s reserve requirements, warning of vulnerabilities if a European bank holding stablecoin assets were to collapse.
In November, a UK pension scheme made headlines by allocating 3% of its investment portfolio to Bitcoin, a first for the British pension sector. Advised by consultancy Cartwright, this move aims to diversify assets and enhance the fund’s long-term resilience.
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