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Friday, September 30, 2022

Norwegian Central Bank Issued Open Source Code for Its CBDC

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It seems that the Norwegian central bank is getting a step closer to releasing its central bank digital currency.

The Norwegian central bank, also known as the Norges Bank, has published an open source code for central bank digital currency (CBDC).

According to the blog post shared by Layer-2 scaling protocol Nahmii, its collaboration with the Norwegian central bank aims to define and commission “a sandbox production environment with open sourced services.”

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On top of that, the Norges Bank used Twitter to announce that its CBDC infrastructure is based on Ethereum, adding that it hopes that more people will join in testing this prototype.

The Layer-2 scaling protocol notes that the Norges Bank sandbox deploys smart contracts, access controls and “includes a custom frontend and network monitoring tools (BlockScout and Grafana).”

According to the company, the current code is not supported on MetaMask and is only suitable for keystore files. Moreover, it is available only for “appropriate credentials,” making the transactions private.

Nahmii highlights that this is only the first stage of CBDC development. The further development stages will include “batch payments, security tokens, and bridges,” as well as work on smart contracts and frontend development.

The company hopes to release the above-mentioned features to the Norges Bank by mid-September. The Layer-2 scaling protocol Nahmii completed the blog post by saying:

Nahmii AS are proud to be working with Norges Bank and other institutions on this prestigious project and hope that our work together will help to set new standards for public-private partnerships.

It is worth noting that the Norges Bank announced its plans to launch CBDC tests back in April of 2021, Based on various sources, the Norwegian central bank aims to conduct these trials for 2 years.

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