Government-supported crypto money fleet continues

Norges central bank Norges Bank is considering developing state-sponsored crypt money in addition to the cash money to "secure confidence in the country's money and money system", according to a working document dated May 18th.

The report, prepared by the Norges Bank study group, explores the useful aspects of deriving the Central Bank digital currency (CBDC) by means of a transaction. The authors emphasize at least three possible CDBC applications. these practices are as follows; an independent backup solution for eligible legal tender and electronic payment systems in addition to cashmere, submitting a reliable alternative to deposits in private banks. Norges Bank President Øystein Olsen mentionedThe report states that a CBDC may provide customers with an alternative way to store their assets. According to the Norges bank, the CBDC's organization should not interfere with the lending ability of banks and other financial institutions. Norges Bank is reported to continue to offer cash as long as it is requested. After completing the first phase of a potential CBDC study, the working group noted:
Other European countries are also running state-sponsored crypto-money studies
Other countries in Europe have started to consider exporting government-supported crypto money through the central bank. Similar to Norway, Sweden's Riksbank is considering e-krona, the ending of a fall in cash circulation.

Finally, we have reported that the Swiss Federal Council is demanding a work on a state-supported digital currency. Now, the lower parliament of the Swiss parliament is in the process of deciding whether the Federal Council will support the research request. If the proposal is approved, the Swiss Finance Ministry will take over this work.

                                      Source:   cointelegraph