Norway Releases Digital Krone Sandbox Source Code and Uses Ethereum Technology

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A crypto firm working with Norway’s central bank has released source code for the sandbox created to test the digital version of the Nordic nation’s fiat currency. The digital crown prototype is being built on the Ethereum network and the regulator wants to test various technologies and assess the potential impact on financial stability.

Norges Bank and Nahmii Fintech provide access to source code for CBDC Sandbox developed for Norway

The Norwegian monetary authority, Norges Bank, and the Norwegian company Nahmii AS have released the source code for the Scandinavian country’s central bank digital currency (CBDC) sandbox. The two work together on the prototype of the state-issued coin.

The code is now available on Github, offered under an Apache 2.0 open-source license, Nahmii recently announced in a blog post on its website. The fintech’s main task is to create a sandbox environment with open source services for the digital crown.

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

The sandbox includes an interface designed to provide an interface to interact with the test network and network monitoring tools. It will facilitate the deployment of smart contracts and provide access controls, Nahmii detailed.

The company intends to add complex use cases in the future, including batch payments, security tokens, and bridges, while further developing the custom sandbox interface. It plans to deliver the second part of the project to Norges Bank by mid-September.

Norway’s central bank is among dozens of monetary policy regulators currently working on developing and issuing their own digital currencies. The trials aim to establish whether its CBDC will be safe and effective for the public without negatively affecting the stability of the Norwegian krone and the country’s financial system.

When it announced it was conducting experimental tests to determine whether a digital currency should be issued, the authority acknowledged the role of cash as an alternative to cash in bank accounts. At the same time, the bank pointed out that the use of cash is declining and warned that this could undermine its functions.

Keywords in this story

CBDC, Central Bank, COIN, Digital Currency, digital krone, Ethereum, monetary authority, Nahmii, Norges Bank, Norway, Norwegian, prototype, regulator, sandbox, Smart Contracts, source code, Tests, Tokens, trials

Do you expect Norway to eventually issue a central bank digital currency? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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