“The BIS Innovation Hub Nordic Centre in Stockholm is testament to the innovative culture of the central banks of Denmark, Iceland, Norway and Sweden. It reflects their recognition of the opportunities presented by fintech, as well as their drive to meet its challenges as they pursue their mandates for financial stability.” Agustín Carstens, General Manager of the BIS
We consider the Nordic countries to be the ones included in the BIS Hub and to be – Denmark, Iceland, Norway and Sweden.
These nations are well known for their high standards of living, low crime rates, and high standards of education.
We list the GDP per capita as follows – Norway (#11), Iceland (#14), Denmark (#20), and Sweden (#20).
Internet access is commonplace and over 94 percent for all of them.
These nations have all considered CBDCs as follows –
Denmark (Digital Krone), Iceland (Rafkróna), Norway (DSP), and Sweden (e-krona).
They have been considering these CBDCs some years. Whilst digital payments are accepted in Nordic countries, the actual use of CBDCs is not live.
The subject is well documented at their sites, and the levels of consideration is high, especially in Norway and Sweden.
Central banks have different motives for CBDC development. For these Nordic banks CBDCs will represent a general transition reflecting their high levels of digitization and close ties to the ECB, SNB, and the BoE.