Norway Central Bank has achieved remarkable results in the creation of its own digital currency (CBDC). The result of this event was the open source release of the future digital currency.
Norway Bank Repository on GitHub
The GitHub repository allows you to interact with the testnet by creating, recording and transferring ERC-20 tokens (the Ethereum blockchain).
The current version of the code does not support the main Ethereum MetaMask wallet by design and only works for users with proper credentials. In addition to implementing proper smart contracts and access control, Norway Bank’s sandbox includes a customizable interface and network monitoring tools such as BlockScout and Grafana. The front-end interface also displays a filtered overview of transactions on the network.
CBDC Prototype Infrastructure – Ethereum Blockchain
Norway Bank first announced plans to develop and test its CBDC in April 2021, followed by a working paper outlining a possible design combining blockchains such as Ethereum, Bitcoin and Bitcoin SV.
To this end, the regulator emphasized that one of the most important issues when considering possible technical solutions is interoperability. Norway’s CBDC prototype infrastructure is based on ethereum technology, Norges Bank announced on Twitter on Friday. Norges Bank said the ethereum cryptocurrency system is intended to provide “infrastructure” for the issuance, distribution and disposal of central bank digital currencies, also known as DSPs.