Norwegian digital currency using Ethereum.

September 15, 2022

National digital currency using Ethereum: Norges Bank, Norway’s central bank, made a significant advancement in its efforts to develop a digital currency by publishing the open source code for the nation’s central bank digital currency (CBDC) sandbox based on Ethereum technology. This development was made possible by the ongoing mainstream adoption of cryptographic technology.
CBDCs are a type of electronic fiat money backed by the central bank. Although they are not required to be, CBDCs can be built on blockchain networks. However, the CBDC in Norway is built on Ethereum.
The sandbox is made to provide a way to communicate with the test network.
Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer Vitalik Buterin.
Russia is considering allowing cryptocurrency to be used for international payments. Allowing crypto as a means of settlement for international trade would help counter the impact of Western sanctions, which has seen Russia’s access to traditional cross-border payment mechanisms “limited.