Today in crypto: Norway ruled that a digital krone central bank digital currency is unnecessary for now, highlighting its strong payment rails and the uncertain benefits of both retail and wholesale CBDCs, a US regulator found major US banks had debanked the crypto sector, and Strategy responded to the MSCI’s plan to exclude crypto treasuries from its indexes.
Norway’s central bank says CBDC “not warranted,” cites strong payment system
Norges Bank, the central bank of Norway, concluded that introducing a central bank digital currency (CBDC) is “not warranted at this time,” marking a clear signal that the country is reconsidering the urgency of retail and wholesale CBDCs.
The central bank said Wednesday that Norway’s existing payment system already offers secure, efficient and low-cost transactions, reducing the need for a CBDC in the near term. Still, the bank remains open to launching a CBDC in the future.
“Norges Bank has concluded that introducing a central bank digital currency is currently not warranted,” said Norges Bank Governor Ida Wolden Bache. “The need for such a currency may, however, change in the future.”
Bache added that the central bank will be ready to introduce a CBDC in the future if it becomes a requirement for maintaining an efficient and secure payment system.
The bank’s updated stance follows several years of experimentation with both retail and wholesale CBDC models, including token-based settlement tests on blockchain infrastructure.
Crypto among sectors “debanked” by major banks: OCC
The nine largest US banks restricted financial services to politically contentious industries, including cryptocurrency, between 2020 and 2023, the Office of the Comptroller of the Currency (OCC) said in preliminary findings on Wednesday.
The banks implemented policies restricting access to banking or requiring escalated reviews and approvals before giving financial services to certain customers, the OCC said.
It added that banks’ actions toward crypto included restrictions on “issuers, exchanges, or administrators, often attributed to financial crime considerations.”
“It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power,” said Comptroller of the Currency Jonathan Gould.
The OCC named JPMorgan Chase, Bank of America, Citibank, Wells Fargo, US Bank, Capital One, PNC Bank, TD Bank and BMO Bank. The regulator added it’s continuing its investigation and could refer its findings to the Justice Department.
Strategy responds to MSCI letter, makes case for index inclusion
Strategy, the largest Bitcoin treasury company, submitted feedback to index company MSCI on Wednesday about the proposed policy change that would exclude digital asset treasury companies holding 50% or more in crypto on their balance sheets from stock market index inclusion.
Digital asset treasury companies are operating companies that can actively adjust their businesses, according to the letter, which cited Strategy’s Bitcoin-backed credit instruments as an example.
The proposed policy change would bias the MSCI against crypto as an asset class, instead of the index company acting as a neutral arbiter, the letter said.
The MSCI does not exclude other types of businesses that invest in a single asset class, including real estate investment trusts (REITs), oil companies and media portfolios, according to Strategy. The letter said:
“Many financial institutions primarily hold certain types of assets and then package and sell derivatives backed by those assets, like residential mortgage-backed securities.”
The letter also said implementing the change “undermines” US President Donald Trump’s goal of making the United States the global leader in crypto. However, critics argue that including crypto treasury companies in global indexes poses several risks.
