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Norway's Central Bank Uses Ethereum To Create A National Digital Currency

source-logo  cryptonews.net 12 September 2022 14:35, UTC
Anna Martynova

The Central Bank of Norway has reached a milestone in digital currency efforts by releasing open source code for the country's central bank digital currency sandbox (CBDC). The sandbox, available on GitHub, is intended to provide an interface for interacting with the testnet, including features such as creating, burning, and transferring ERC-20 tokens.

The current version of the code does not support the main Ethereum MetaMask wallet by design and is only available to users with the appropriate credentials. In addition to deploying appropriate smart contracts and access control, the Norges Bank sandbox includes a customizable interface and network monitoring tools such as BlockScout and Grafana. The front end also shows a filtered summary of online transactions.

On Friday, Norges Bank revealed on Twitter that the Norwegian prototype CBDC infrastructure is based on Ethereum technology. Norges Bank said that the Ethereum cryptocurrency system is expected to provide the "basic infrastructure" for issuing, distributing and burning central bank digital money, also referred to as DSP.

Image: CoinGeek