cryptocurrency

The Norwegian Central Bank is innovating in developing its digital currency on Ethereum

According to the official statement from Norges Bank, the prototype of the digital currency infrastructure for the country’s central bank will be presented on Ethereum. The bank is introducing a new open source sandbox token on ETH technology to support interesting features.

In addition, the CBDC Sandbox can now be accessed on GitHub, providing an interface for interacting with the testnet. Moreover, the test network offers some important features such as transfer of ERC-20 tokens, minting and burning.

Moreover, the main reason for building the new central bank digital currency on Ethereum technology is to provide a basic and secure framework. It enables the functions of issuing, distributing and destroying digital central bank funds.

Norwegian digital currency on Ethereum

With the increasing adoption of cryptocurrencies despite the bear market, many countries are making efforts to build their own national digital currencies. One of them is Norway’s Norges Bank which marks a milestone in the development of a new sandbox token on Ethereum technology.

To delve into the interesting features of a CBDC sandbox, the structure is in such a way that it acts as an interface for interaction with the test network. More than that, it runs bulk payments, security tokens, smart contracts and bridges businesses. Furthermore, sandbox offers unique features such as a frontend written in React, a filterable overview, and network monitoring tools like BlockScout and Grafana.

In support of the development process, says Nehmi, the official partner of the Central Bank of Egypt, the Central Bank,

“We are proud to work with Norges Bank and other institutions on this prestigious project to set new high standards for public-private partnerships.”

In addition, the Bank of Norway has been testing various designs for their central bank start-up coins for about two years. As a matter of fact, the bank’s main focus and priority is “interoperability” that is accessible to its users, Nahmi adds.

Moreover, this is not the first time that the central bank has experimented with tests of a central bank digital currency. But in the same April 2021, Norges Bank officially released its plans to conduct tests with various solutions using different designs.

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