Glenn (28) believes digital money can help save the planet – receives prestigious award – NRK Culture and Entertainment

Glenn (28) believes digital money can help save the planet – receives prestigious award – NRK Culture and Entertainment

Our relationship with money is changing. Many of us rarely accept physical coins and notes.

This led to both Norges Bank and about 90 per cent Central banks The world is now looking at solutions for what money will be for us in the future.

The answer may be digital central bank money (DSP).

But still About And how Digital money transfer has now been introduced At the investigation stage. About one thing first In a couple of years, Norges Bank will present a proposal to Norwegian politicians.

Are we going to get a digital version of the Norwegian krone?

Illustration taken from Norges Bank’s DSP programme.

Photo: Norges Bank

It is certain that our coins and notes will not disappear anytime soon. They are protected in Norwegian monetary law and have an important function in relation to emergency preparedness. Vipps and online bank transfers are of no use if internet and telephone coverage disappear.

One requirement for the introduction of DSPs, for example, is that they have similar characteristics to physical money – they must work ‘offline’.

Because no one has decided what that is want Well, that’s what many people are starting to think want Be. Award-winning designer Glenn Chastad (28) from Sola comes here.

He believes this is a golden opportunity to push our society in a greener direction.

it means what…

Illustration from Sæstad's thesis.  Here's how the volunteer coroner concept would have looked.

… we have a system that rewards you every time you participate in organized volunteering?

Picture of thesis for Sæstad.  The image shows someone flipping a chapter of the local currency.

… Does your municipality have its own currency with restrictions and benefits based on local needs?

Picture of thesis for Sæstad.  The episode that the film shows is about carbon rationing.

… or that every citizen had a carbon ration every month, like a CO2 emissions cut-off card?

In Sæstad’s view, digital cash is more than digital copies of our physical coins and banknotes. He wants to use the technology to give DSP different properties.

– Now that we’re in the process of exploring what that might be, I think it’s important In fact Look broadly and explore all possibilities before we lock in something, Glenn Chastad tells NRK.

IN His master’s thesis At the School of Architecture and Design in Oslo, Sæstad investigates how DSP can empower companies and private individuals to make more climate-friendly choices.

Here’s what you need to know about DSP

Digital central bank money is explained as a digital version of money. It will be the state that guarantees the value of money, not private banks.

Norges Bank has worked with DSP since 2016. They are now in the phase of examining the characteristics of blockchain technology (crypto), privacy and its impact on Norwegian monetary law.

Storting must decide whether to introduce digital cash – and what characteristics the money should have.

In Sæstad’s future scenario, money that can only be used within a specific geographic area is introduced to stimulate local development. Another example is a long-term payment system for the construction industry so that new buildings have a longer lifespan.

These are ideas that can coexist with the current system of traditional savings and current accounts.

But it turns out that money can be upside down.

– Chest pain

These ideas around the money of the future received a badge for innovative design and architecture from Design and Architecture Norway (DOGA) on Thursday.

The foundation annually awards prizes to Norwegian businesses and outstanding artists. Last year, the winners included figures of pain, but this year Sæstad was the only winner of the badge of honor – a prestigious category that has not been awarded for two years.

DOGA describes this year’s winner as a “game changer”.

– This project gave the jury goosebumps and opened our eyes. It is very exciting, innovative and executed in a way that inspires action,” says Behnam Farasollahi, head of jury for the Toka brand.

The head of the jury believes that the award winner depicts a future where the use of digital money can contribute to a meaningful change for the entire society.

– Making the monetary system more stable will have a really big impact on how we can realize the green transition.

Image of Glenn Sæstad's thesis.  A hand holding a master's thesis.

Is Norway ready for big and green ideas? The young designer believes that we should dare to think bigger.

Photo: Glenn Sæstad

Norges Bank:- Fun and inspiring

How far one is willing to go with digital money ultimately depends on Storting.

– Not everything I outlined in my thesis was necessarily something to be discovered. The aim, says Glenn Chastad, is to create a discussion about what it might become.

Want to introduce digital money?

During the work of his Master’s thesis on DSP, the designer himself has been in close contact with Norges Bank. There, he has the opportunity to call for more attention to consistency in the investigation.

Torbjørn Hægeland, director of Norges Bank, said the collaboration was fun and inspiring.

We would like to allow you to congratulate Glenn Chastad on the Toga Award. With his design background, Glenn brings a different angle and perspective to DSP than economists tend to, and it can help shed light on questions we may not have thought about.

Oslo 20200924. Director for Financial Stability Torbjørn Hægeland holds a press conference at Norges Bank with a briefing on the interest rate decision and monetary policy statement 3/20.  Photo: Stian Lysberg Solum / NTB

Torbjørn Hægeland is Director of Financial Stability at Norges Bank.

Photo: Stian Lysberg Solum / Stian Lysberg Solum

Heckland says they spend more time discussing thoughts and ideas with outsiders from different backgrounds.

Dialogue with external parties is absolutely necessary to provide better advice to the DSP. It’s very valuable to us, but it doesn’t necessarily say much about what all the ideas that come up will look like in the end.

The director insists that it has not yet been decided to introduce digital cash.

Our aim as a central bank is to help you make payments in Norwegian kroner efficiently and safely in the future as well.

Hungry for more cultural stuff? Check these out:

See also  Extreme weather "Hans" - will be closed tonight
Joshi Akinjide

Joshi Akinjide

"Music geek. Coffee lover. Devoted food scholar. Web buff. Passionate internet guru."

Leave a Reply

Your email address will not be published. Required fields are marked *