Finance Norway’s Payments Conference 2020

Oslo, 5 November 2020

DEPUTY GOVERNOR IDA WOLDEN BACHE

CENTRAL BANK DIGITAL CURRENCY

AND REAL-TIME PAYMENTS

Changing payment landscape

2

1950 19701960 2010 20201980 1990 2000

Cash use has fallen furtherPercent

3Source: Norges Bank

0

10

20

30

40

50

60

70

80

90

100

Spring 2017 Autumn 2020 Spring 2017 Autumn 2020

Other

Online/mobile banking

Mobile phone

Payment cards

Cash

At points-of-sale Person-to-person

Increased globalisation

BigTechs’ networks and market power

New types of monetary and payment systems

Global operators in the payment infrastructure

4

5

Central bank digital currency (CBDC)

Electronic claim on the central bank, accessible to all

Being researched by many central banks

Role of cash and the “precautionary principleˮ

5

6

Central bank digital currency in Norway

Norges Bank is researching CBDC – no decision reached on

introduction

Currently assessing:• CBDC features

• Technical solutions

• Consequences for financial stability and monetary policy

Welcome to our open webinar on 9 November!

6

Real-time payments

Straks 2.0

ready and all

banks join

Common

infrastructure

Straks ready

2013 2016 2018 2020 2021

7

Initiative to

improve

Straks

Straks

payment

via Vipps

Norges Bank

explores

expansion of

operational role

8

Innovation – to better meet society’s needs

Cross-border payments

Nordic BIS Innovation Hub Centre

IT security• Framework for testing cyber resilience based on TIBER

Technological advances –

opportunities and challenges

8

Finance Norway’s Payments Conference 2020

Oslo, 5 November 2020

DEPUTY GOVERNOR IDA WOLDEN BACHE

CENTRAL BANK DIGITAL CURRENCY

AND REAL-TIME PAYMENTS