Norwegian Central Bank Issued Open Source Code for Its CBDC
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It looks like Norway’s central bank is taking a step closer to launching its central bank’s digital currency.
The Norwegian Central Bank, also known as Norges Bank, has released an open source central bank digital currency (CBDC).
By blog post shares the Layer-2 scaling protocol Nahmii, its collaboration with the Norwegian central bank the goal is to define and implement a “sandbox production environment with open source services”.
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In addition to this, Norges Bank announced via Twitter that its CBDC infrastructure is based on Ethereum, adding that it hopes more people will participate in testing this prototype.
The Layer-2 scaling protocol states this Norges Bank’s sandbox implements smart contracts, access control and “includes a custom interface and network Monitoring tools (BlockScout and Grafana).
According to the company, the current code not supported in MetaMask and only suitable for keystore files. Furthermore, it is only available with “appropriate credentials”, keeping transactions private.
Nahmii emphasizes that this is only the first stage in the development of the CBDC. Further development phases include “batch payments, security tokens and bridges” as well as smart contracts and user interface development.
The company hopes to publish the aforementioned features to Norges Bank by mid-September. Layer-2 scaling protocol Nahmii completed the blog post by saying:
Nahmii AS is proud to work with Norges Bank and other institutions in this prestigious project and we hope that our collaboration will help set new standards for public-private partnerships.
It’s worth noting Norges Bank announced plans to launch CBDC tests as early as April 2021. According to various sources, the Norwegian Central Bank plans to conduct these tests for 2 years.