February 5, 2023

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The Norwegian central bank has stepped toward endeavors related to digital currency. In this way, the bank intends to introduce the open-source code specified for the CBDC sandbox of the country. The sandbox, which is accessible on GitHub, is structured to provide an interface that offers interaction with the trial network.

Norway’s Central Bank to Utilize Ethereum Technology to Create a CBDC

This enables the operations such as burning, transferring, as well as minting of ERC-20 tokens, as noted by Nahmii – the formal CBDC collaborator of the Norges Bank – in his blog post. The person emphasized that the code’s present version does not have compatibility with MetaMask, the prominent Ethereum wallet. According to him, it can just be accessed privately by consumers with adequate credentials.

Apart from deploying the proper smart contracts as well as the access controls, the sandbox of Norges Bank takes into account a custom frontend along with the network monitoring instruments such as Grafana and BlockScout. The respective front end additionally displays a summary of transfers on the network, as noted by Nahmii.

On Friday, the Norges Bank turned toward its account on the social media platform Twitter and shared a post disclosing that the CBDC-related prototype infrastructure of Norway is based on the technology of the Ethereum Network. Formerly, a reference was made by the central bank toward the network in May in its blog post dealing with a CBDC project.

As stated by the Norges, the cryptosystem of Ethereum would expectedly offer a fundamental infrastructure to issue, disseminate, as well as destruct a central bank digital currency. The respective prototype will be utilized for testing several significant features of digital central bank money (DSP), according to the bank.

Previously, the reports pointed out that the bank formally declared its strategy to organize the tests over a CBDC in April of the previous year, anticipating discovering an ideal CBDC solution via testing diverse plans for 2 years.

The Bahamas and Nigeria Launch Their CBDC Officially

In 2021’s November, a working paper was released by the central bank referring to potential CBDC structures, taking into account those established on blockchains like Bitcoin SV, Bitcoin, and Ethereum. The bank stressed that one of the highly significant issues was interoperability while contemplating diverse technical solutions. On the contrary, a couple of countries The Bahamas and Nigeria have completely introduced their CBDC projects, as per the IMF.

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