Norway’s central bank, The Norges Bank, stated that Norway’s central bank digital currency (CBDC) prototype infrastructure is based on Ethereum technology.
According to the Norges Bank, the Ethereum cryptocurrency system is anticipated to offer a “core infrastructure” for the “issuance, distribution, and destruction” of digital central bank money, or DSP.
The Norges Bank stated that the prototype would be used to test a number of key features for DSP.
The Norwegian central bank formally declared its intention to carry out CBDC tests in April last year. The bank anticipated that it would have identified a suitable CBDC option after two years of testing various designs.
The bank noted that interoperability was one of the most crucial concerns while assessing various technical solutions in a working paper referring to potential CBDC architectures, including those based on blockchains like Ethereum, Bitcoin and Bitcoin SV.
With the release of the open source code for the nation’s CBDC sandbox, the central bank has now achieved a major triumph in its digital currency initiatives.
According to Nahmii, the Norges Bank’s official CBDC partner, the sandbox accessible on GitHub, was created to provide a user interface for engaging with the test network, enabling features like minting, burning and transferring ERC-20 tokens.
The Norges Bank sandbox comprises a unique frontend, network monitoring tools like BlockScout and Grafana, and the necessary smart contracts and access controls. A filterable overview of network transactions is also displayed in the frontend.
The sandbox frontend, which was written in React, is intended to provide a simple and user-friendly interface for interacting with the test network. There is role-based access control in place for crucial operations like token creation and burning.
This version of the code was not intended to support MetaMask and is only suited for keystore files.
