Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum Technology – Finance Bitcoin News

A cryptocurrency company working with Norway’s central bank has published the source code for a sandbox created to try out a digital version of the Nordic country’s fiat currency. A prototype digital krone is being built on the Ethereum network, and the regulator wants to test different technologies and assess the potential impact on financial stability.

Norges Bank, Nahmii Fintech Provide Access to Source Code for CBDC Sandbox Developed for Norway

Norway’s monetary regulator, Norges Bank and Norwegian company Nahmii AS have made public the source code of the sandbox for the Scandinavian nation’s central bank digital currency (CBDC). The two are working together on the prototype of the state-issued coin.

The code is now available on Github, provided under the Apache 2.0 open source license, Nahmii recently announced in a blog post on its website. The main mission of fintech is to create a sandbox environment with open source services for digital krone.

“This allows testing of basic token management use cases, including minting, burning, and transferring ERC-20 tokens,” explains the company, which is a developer of the scaling solution. Layer-2 for the Ethereum blockchain.

The sandbox has a user interface, designed to provide an interactive interface with the test network and network monitoring tools. It will facilitate the deployment of smart contracts and provide access control measures, Nahmii detailed.

The company intends to add more complex use cases in the future, including mass payments, security tokens, and bridges, and further develop a custom user interface of the sandbox. It plans to deliver the second part of the project to Norges Bank in mid-September.

Central Bank of Norway are among dozens of monetary policy regulators currently working to develop and issue their own digital currencies. The trials aim to determine whether its CBDC is safe and effective for the general public without negatively impacting the stability of the Norwegian krone and the nation’s financial system.

When it announced It is conducting experimental trials to determine whether to issue a digital currency, the authorities have acknowledged the role of cash as an alternative to bank account money. At the same time, the bank pointed out that the use of cash is declining and warned this could weaken the bank’s functions.

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CBDC, Central bank, COIN, Digital currency, digital krone, Ethereum, monetary authority, Nahmi, Norges . Bank, Norway, Norwegian, prototype, manager, sandbox, Smart contract, Source code, Test, Tokens, test

Do you expect Norway to finally issue a central bank digital currency? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Becoming a writer is in my nature, rather than what I do”. Besides cryptocurrency, blockchain and fintech, international politics and economics are two other sources of inspiration.

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