Norway that recently become known as the “most cashless society” is not in a rush to allow Bitcoin adoption, here are the reasons why

As reported by Bloomberg, despite Norway becoming the “most cashless” society, the governor of the local central bank does not approve of Bitcoin as an alternative to fiat.

Three reasons why Oystein Olsen dismisses Bitcoin

The head of the central bank of Norway—Norges Bank based in Oslo—Oystein Olsen, believes that it is impossible for Bitcoin to push out fiat currencies since it is not under the control of central banks.

He dismissed Bitcoin as money for three reasons.

First and second, the flagship cryptocurrency is “far too resource-intensive” and “far too costly,” obviously referring to mining and the enormous amounts of electricity that it consumes.

The third reason is that Bitcoin “doesn’t preserve stability.”


Meanwhile, central banks are racing to respond to widespread cashlessness by developing their own digital currencies before cryptocurrencies take over. Norges Bank Deputy Governor Ida Wolden Bache said last November that Norway has become the world’s most cashless country, with only 4% of all payments conducted with bank notes and coins. That’s raised questions about how payments should be conducted in the future.

But Norway isn’t one of the front-runners when it comes to developing central bank digital currencies (CBDC). Instead, Sweden and China are the world leaders among major economies, as policy makers team up with technology experts to figure out how best to design something that central banks can control.

Oil billionaire in Norway embraces Bitcoin

As reported earlier, Norwegian oil mogul Kjell Inge Rokke has recently stated that. One day, Bitcoin may be worth millions of dollars.

Rokke’s enterprise, Aker ASA, has launched crypto investment company Seetee AS. Which has acquired $58 million worth of BTC, thus becoming another large company. Allocated a substantial amount of funds into Bitcoin this year.

Prior to that Tesla, SkyBridge and other companies have acquired Bitcoin, along with MicroStrategy. Which added approximately 200 BTC to its Bitcoin stash recently.



Tesla allocated a whopping $1.5 billion into Bitcoin. Besides, such global monsters of the payments industry as Visa and Mastercard are also adopting cryptocurrency payments for merchants.

What's your reaction?
Leave a Comment