Norway has reached a major milestone in the development of a Central Bank digital currency (CBDC).
On September 9, the Central Bank of Norway posted an early-stage development update for CBDC available on GitHub in partnership with Nahmii – a Layer 2 scaling protocol on Ethereum was established in 2018.
Basically, Sandbox is an isolated testing environment that allows users to run programs or executable files without harming or damaging applications, systems or platforms. Developers often use Sandbox to test new code.
In addition to implementing smart contracts and proper access control, the Norwegian Central Bank Sandbox includes a custom user interface and network monitoring tools such as BlockScout and Grafana. And the most remarkable point is that the entire Norwegian CBDC prototype infrastructure is completely technology-based Ethereum.
Du kan lese mer om eksperimentel testing av digitale sentralbankpenger i dette blogginnlegget på Bankplassen blogg: https://t.co/VuPWyBdehZ— Norges Bank (@NorgesBank) September 9, 2022
In fact, the Central Bank of Norway is very “friendly” to Ethereum, having previously mentioned the platform in a CBDC blog in May 2022. The bank states that the Ethereum-powered system is expected to provide a solid core infrastructure for the purposes of issuing, distributing, and burning CBDCs.
Not only that, in June 2022, the Norwegian Government also plans to use the technology of the leading Layer 2 platform in the Ether ecosystem. Arbitrum to support the national financial industry as well as aiming to improve decentralized data storage and transmission, which will be used to process users' personal data in compliance with the GDPR framework – Rights Regulations privacy of the European Union.
However, the news comes as the International Monetary Fund (IMF) has just released a report showing that the CBDC "movement" from global governments is growing very strongly, currently covering about 100 countries. are exploring or developing CBDCs to date. On the other hand, only two countries have fully launched CBDC projects at the moment including Nigeria and Bahamas.