Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum Technology

The source code of the sandbox that was created to test the digital version Nordic's fiat currency has been published by a crypto company. The regulator is currently building a prototype digital krone on Ethereum. He wants to evaluate various technologies and assess the impact on financial stability.

Norges Bank and Nahmii Fintech Give Access to the Source Code for CBDC Sandbox, Developed for Norway

The source code of the sandbox to the central bank's digital currency (CBDC) in Norway has been made public by the Norges Bank and Nahmii AS, Norway's monetary authority. They are currently working together to create the prototype for the state-issued coins.

Nahmii announced that the code is now available at Github under an open-source Apache2.0 license. The main goal of the fintech is to create an environment that allows for open-source services and a sandbox.

The firm is a developer for a Layer-2 scaling solution on the Ethereum blockchain.

The frontend of the sandbox is designed to allow users to interact with the network and network monitoring tools. Nahmii explained that it will allow smart contracts to be deployed and control access.

The company plans to expand the use case options, such as batch payments and security tokens, in the future. They also plan to further develop the custom frontend for the sandbox. The company plans to deliver the second portion of the project to Norges Bank in mid-September.

Norway's central bank is one of many monetary policy regulators that are currently developing and issuing their own digital currencies. These trials will determine if the CBDC is safe and effective for the public, without negatively impacting the stability of the Norwegian Krone or the nation's financial system.

The authority recognized the importance of cash and said it was conducting experiments to determine whether a digital currency should ever be issued. The bank also warned that cash use is decreasing and could compromise its functions.

Are you optimistic that Norway will eventually issue a digital currency for central banks? Leave your comments below.

By: Lubomir Tassev
Title: Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum Technology
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Published Date: Wed, 14 Sep 2022 05:30:08 +0000

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