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News

Norway’s Central Bank Uses Ethereum’s Technology to Build CBDC

September 13, 2022 - Around 2 mins mins to read
The Norwegian central bank has reached a significant milestone in its digital currency initiatives by publishing the open source code for the country’s central bank digital currency (CBDC) sandbox.
Norway's Central Bank Uses Ethereum's Technology to Build CBDC

As Nahmii, official CBDC partner of Norges Bank, said in a blog post, the sandbox is available on GitHub and is designed to provide an interactive interface with the test network, enabling functions such as minting, burning, and transferring ERC-20 tokens.

Nahmii emphasized that the current version of the code does not support MetaMask’s Ethereum wallet and that only users with the right credentials can access it privately.

Norway's Central Bank Uses Ethereum's Technology to Build CBDC

In addition to implementing smart contracts and proper access control, Norges Bank’s sandbox includes a custom user interface and network monitoring tools such as BlockScout and Grafana. Nahmii notes that the user interface also displays a summary that filters transactions on the network.

On Friday, Norges Bank announced on Twitter that Norway’s CBDC prototype infrastructure is built on Ethereum technology.

Norges previously mentioned Ethereum in a CBDC-related blog post back in May. Norges officially announced plans to conduct CBDC trials last April, hoping to find a solution. Preferred CBDC by adopting different designs for a period of 2 years.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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CBDC

ERC-20

Nahmii

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Norway’s Central Bank Uses Ethereum’s Technology to Build CBDC

The Norwegian central bank has reached a significant milestone in its digital currency initiatives by publishing the open source code for the country’s central bank digital currency (CBDC) sandbox.
Norway's Central Bank Uses Ethereum's Technology to Build CBDC

As Nahmii, official CBDC partner of Norges Bank, said in a blog post, the sandbox is available on GitHub and is designed to provide an interactive interface with the test network, enabling functions such as minting, burning, and transferring ERC-20 tokens.

Nahmii emphasized that the current version of the code does not support MetaMask’s Ethereum wallet and that only users with the right credentials can access it privately.

Norway's Central Bank Uses Ethereum's Technology to Build CBDC

In addition to implementing smart contracts and proper access control, Norges Bank’s sandbox includes a custom user interface and network monitoring tools such as BlockScout and Grafana. Nahmii notes that the user interface also displays a summary that filters transactions on the network.

On Friday, Norges Bank announced on Twitter that Norway’s CBDC prototype infrastructure is built on Ethereum technology.

Norges previously mentioned Ethereum in a CBDC-related blog post back in May. Norges officially announced plans to conduct CBDC trials last April, hoping to find a solution. Preferred CBDC by adopting different designs for a period of 2 years.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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