Norwegian central bank introduces its CBDC prototype on Ethereum network

Norway launched its testnet version of National Digital Currency, or say CBDC, in the ERC-20 smart contract.

Norway is a highly developed country and the population of Norway showed a significant inclination toward the crypto space in the last couple of years. In the last 4 years of time frame, crypto holders surged by 2 fold i.e 10% of the population of Norway holding crypto assets. 

With the latest step of the testnet national Central Bank Digital Currency (CBDC) launch, Norway hit a highly appreciable level in the crypto Industry. The Central Bank of Norway released the testnet code of its CBDC on the testnet of Ethereum’s ERC-20 smart contract. 

The open source code can be tried by any person, available on GitHub, the open source code developer platform. 

Nahmii, the CBDC partner of the Central Bank of Norway, said that publicly issued testnet CBDC code interface has multiple features like enabling functions like minting, burning, and transferring ERC-20 tokens. 

Norwegian CBDC partner also said that open source code can’t be accessed via the metamask or other Ethereum wallet but can be accessed via appropriate credentials individually.

On 9 September, Central Bank informed about this released code on Twitter and also confirmed that many actors are testing it and also expecting that more people will join to test it.

Earlier, In May of this year, the Central Bank indirectly hinted that country may introduce its CBDC on Ethereum. At that time, Central Bank stated that the Ethereum cryptocurrency can provide the core infrastructure for the national digital currency.

In November 2021, Central Bank published its research paper on Central Bank Digital Currency design and explained that its design can integrate the technical use of Ethereum, Bitcoin & Bitcoin Satoshi Version network. 

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