The source code for the digital currency sandbox used by Norges Bank, Norway’s central bank, and the Norwegian business Nahmii AS has been made publicly available (CBDC). The two are collaborating on the state-issued coin design.
Nahmii recently stated in a blog post on its website that the code is now accessible on Github and is provided under an open-source Apache 2.0 licence. The primary responsibility of the fintech company is to provide an open-sourced sandbox environment for the digital krone.
The company, which is a creator of a Layer-2 scaling solution for the Ethereum blockchain, noted that this allows for the testing of fundamental token management use cases, including minting, burning, and transferring ERC-20 tokens.
The sandbox includes a frontend and network monitoring tools that have been created to provide an interface for interacting with the test network. According to Nahmii, it will make smart contract deployment easier and offer access controls. Future sophisticated use cases that the business plans to include batch payments, security tokens, and bridges will be developed alongside the sandbox’s unique front end. By the middle of September, the company intends to hand over the second phase of the project to Norges Bank.
The authority acknowledged the value of cash as an alternative to bank account money when it declared it was conducting experimental tests to see if a digital currency should be released (One of the places in the world where people use cash the least is Norway. According to a research by its central bank, the country uses less cash as a percentage of total spending than any other country in the world). The bank also warned that the decreased use of cash could compromise its capabilities while highlighting this trend.