Cryptocurrencies remain in the limelight of the world right now. Despite all the criticism, it seems to be permanent. The fact that the world’s major economic centers take crypto technology seriously can be shown as proof of how big the industry is. Finally, Norway’s central bank Norges Bankof the national digital currency Ethereum(ETH) has officially announced that it will be based.
Som en del av vår experimentalelle testing av #DSP all @Nahmii_io nå utviklet en prototype på infrastruktur basrt på #Ethereum-technology. Noen aktører er allerede med på testingen, men vi håper flere vil være med! Du finner åpen kildekode på Github: https://t.co/EFkSlhRaRQ pic.twitter.com/HlGh9grjZn
— Norges Bank (@NorgesBank) September 9, 2022
the country’s central bank, Central Bank Digital Currency (CBDC) Published the source code of his sandbox. Sandbox is currently released on Github. Its purpose is to provide a way to communicate with the testnet. According to the official CBDC partner of Norges Bank, Nahmii, ERC-20 offers the capabilities to create, write and transfer crypto tokens.
Koinfinans.com As we reported earlier, the sandbox front-end written in React aims to provide a simple and user-friendly interface for interacting with the testnet. There is also role-based access control for important operations such as token creation and writing.
Moreover, NahmiiAccording to , Ethereum-based wallet MetaMask is not supported by the current version of the code by design. It can only be accessed privately by users with the required credentials.
When Will Norway Launch Its Ethereum-Based CBDC?
Norway’s national bank officially announced its willingness to conduct CBDC testing in April 2021. It is expected to determine a preferred CBDC solution by comparing various designs over the course of two years.
Additionally, the bank noted that interoperability is one of the top concerns. Bank; Ethereum, bitcoin and evaluated various technical solutions in a working paper found according to potential CBDC architectures, including those based on blockchains such as Bitcoin SV.
However, more complex and interesting use cases such as bulk payments, security tokens and bridges will be incorporated into future sandbox development. However, this requires both more front-end development and work on customized smart contracts.
In addition, CBDCs are also gaining global attention. According to an IMF (International Monetary Fund) report, 97 countries are actively working on their own CBDCs. However, only Nigeria and the Bahamas have launched their own digital currencies.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.