Norway’s central bank delays digital krone, major US banks cut crypto services

Norway’s central bank delays digital krone, major US banks cut crypto services

Today’s roundup of the most important cryptocurrency events brings you key news from around the world. From Norway’s decision to delay the launch of a central bank digital currency (CBDC) to US banking restrictions on cryptocurrencies, it all points to the current direction of the sector.

Norway delays digital krone

Norway’s central bank, Norges Bank, has announced that there is no need for a CBDC at this time. It argues that it has a strong and efficient payment system that already enables secure and low-cost transactions. Governor Ida Wolden Bache stressed that while the country is open to the possibility of a CBDC in the future, there is currently no need for one. The bank is continuing to explore options, including blockchain trials, but has decided to postpone the move for now.

US banks restrict crypto services

According to the Office of the Comptroller of the Currency (OCC), nine of the largest US banks have implemented policies since 2020 that restrict or make it more difficult to provide financial services to cryptocurrencies. Among the banks are JPMorgan Chase, Bank of America and Wells Fargo, which are implementing controls at the issuer, exchange or management company level. The regulator said that these steps are often motivated by concerns about financial crime and political risks.

MSCI and cryptocurrencies: a dispute over index inclusion

Strategy, a leading digital asset manager, responded to a proposal by index company MSCI, which plans to exclude cryptocurrency companies that hold more than 50% of their assets in cryptocurrencies from stock market indices. Strategy argues that such a measure would distort the image of the sector and not reflect its true value. The company also points out differences in MSCI's approach to other sectors, such as REITs or oil companies, and advocates for the inclusion of the crypto sector in a global index.

What awaits us?

These events show that cryptocurrencies still face regulatory uncertainties, but are also evolving within new technologies and approaches. The Norwegian central bank remains open to future CBDC possibilities, while US banks are tightening regulations. And the digital asset market is still finding its place in the global economy.

Stay tuned for the latest developments in the crypto world!

*This is not an investment recommendation.

The Coingarage Team