Norges Bank, the central bank of Norway, has expressed support for the European Union's Markets in Crypto-Assets Regulation (MiCA) as the country explores the possibility of introducing a central bank digital currency (CBDC). Kjetil Watne, the project director for Norges Bank's CBDC initiative, stated that Norway, as a member of the European Economic Area (EEA), embraces the regulatory framework of MiCA. While considering additional regulations for financial stability, the bank has not yet made a final decision on issuing a CBDC. Norges Bank is also evaluating ways to address regulatory gaps in decentralized finance. The bank has participated in trials, such as 'Project Icebreaker,' to explore cross-border retail CBDC transactions. Privacy concerns regarding CBDCs are being carefully considered, with an emphasis on digital payment transparency. The EU's MiCA regulation, effective from Dec. 30, poses potential risks to the banking sector, particularly for stablecoin reserves, according to Tether CEO Paolo Ardoino. Read more AI-generated news on: https://app.chaingpt.org/news
Norges Bank Endorses EU's MiCA Regulation for CBDC Evaluation
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