Ethereum network scaling solution Nahmii, the official CBDC partner of the Bank of Norway, said in a blog post that their open source code has been published on GitHub and the space is designed to enable capabilities such as minting, burning and transferring ERC-20 tokens.

Nahmii also emphasized in his article that the existing codes are not suitable for private wallets such as Metamask, and will be exclusively accessible to authenticated crypto wallet holders. The Norwegian Central Bank also informed on Twitter that the country's CBDC infrastructure will be based on the Ethereum network.

In previous statements, it was stated that the Ethereum network is suitable for CBDC, and it was stated that the Ethereum crypto money system can provide a “core infrastructure” for the printing, distribution and burning of digital central financial institution tools. The current CBDC prototype will be used to control options vital to digital central finance, the central bank said in its statement.

cbdc-4

While the Central Bank of Norway has been working on CBDC for the last 2 years, it announced that it will start testing for the digital national currency in April this year. Last year, a report was published highlighting CBDC designs based on Ethereum, Bitcoin, and Bitcoin SV Blockchain networks. According to the latest development, it is seen in this report that the Ethereum network stands out.

Worldwide, CBDC studies continue rapidly. In an article published by the IMF this month, he detailed what stage countries are at for digital currency. The related article showed that as of July 2022, more than half of 97 countries had begun or reached the development stage of CBDC research. According to the IMF report, Nigeria and Bahama were the first two countries to start CBDC circulation among the countries surveyed. According to the current situation, 65 out of 97 countries continue their research. While 15 countries are at the concept stage, 15 countries have started testing.