Connect with us

Hi, what are you looking for?

Digital Transformation

A well-functioning payment system continues to evolve in Norway

Norges Bank has published Financial Infrastructure Report 2022 and Norges Bank Papers 2/2022, “Retail payment services 2021”.

According to a new survey conducted by Norges Bank, Norway’s central bank, payment costs are low in comparison to other countries. Between 2013 and 2020, resource use as a share of mainland GDP decreased slightly.

Threats to fundamental national interests and critical infrastructure are increasingly cyber-related. Cyber-attacks are used by various threat actors and may be a tool in wars and conflicts. Norges Bank and Finanstilsynet (the Norwegian Financial Supervisory Authority) are collaborating to implement cyber resilience testing in accordance with the TIBER framework in Norway. Testing is set to start in 2023.

“Cyber incidents are a potential threat to the financial system and financial stability. Globally there is broad agreement that resilience against cyber-attacks in the financial sector must be strengthened. This requires extensive public-private cooperation”, says Governor Ida Wolden Bache.

Norges Bank is assessing whether the public should have access to a central bank digital currency (CBDC). The bank is now conducting experimental testing of technical solutions, while the purposes and consequences of introducing a CBDC are analysed further.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.