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Norway: Central bank uses Ethereum as basis for central bank digital currency

 


The Central Bank of Norway has reached a major milestone in its work with digital currencies, releasing the open-source code for the country's central bank digital currency (CBDC) .


The sandbox is available on GitHub and is designed to provide an interface to interact with the testnet. In doing so, it will enable features such as minting, burning, and transferring ERC-20 tokens , according to Nahmii , Norges Bank's official CBDC partner, in a blog post.


Nahmii emphasized that the current version of the code does not support the well-known Ethereum wallet MetaMask and is only privately accessible to users with the appropriate access data.


In addition to the appropriate smart contracts and access controls, Norges Bank's sandbox also includes a custom frontend and network monitoring tools such as BlockScout and Grafana. The frontend also displays a summary of transactions on the network and offers filters on them, Nahmii said.


Norges Bank said on Twitter on Friday that Norway's CBDC infrastructure is based on Ethereum technology.


The central bank talked about Ethereum back in May in a blog post on the CBDC. Norges Bank said the Ethereum cryptocurrency system is expected to provide a "core infrastructure" for the issuance, distribution and destruction of CBDC, also known as DSP. "The purpose of the prototype is to test a number of important functions for DSP," the bank said.


As previously reported, Norges Bank officially announced CBDC testing in April last year . By testing different designs over a period of two years how to find a suitable CBDC solution.


In November 2021, the central bank issued a working paper discussing possible CBDC concepts, including concepts based on blockchains such as Ethereum, Bitcoin and Bitcoin SV. Norges Bank emphasized that interoperability is one of the most important issues to be considered when testing different technical solutions.

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