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Norway selects Nahmii to build its CBDC sandbox

Thursday 19 May 2022 12:45 CET | News

Norway’s central bank Norges Bank has selected Nahmii to build its Central Bank Digital Currency (CBDC) sandbox. 

The solution will include Layer 2 blockchain protocols which are used to achieve scalability.

Nahmii emphasised that the sandbox will explore many different technologies.

Layer 2 blockchain protocols are reliant on the security of the parent or Layer 1 network. Nahmii mentioned leveraging public blockchain security such as the Ethereum mainnet. The company has been working on this scaling technology for Ethereum for four years and the Nahmii network has a cryptocurrency token.

However, a central bank spokesperson stated that tests would use a private version of the enterprise blockchain Hyperledger Besu.

Norges Bank has been exploring CBDC for five years and started investigating technical solutions.

Nahmii will be responsible for training the central bank’s users and partners, with most of Norway’s major banks expected to participate.


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Keywords: partnership, CBDC, blockchain, banks, Ethereum
Categories: DeFi & Crypto & Web3
Companies:
Countries: Norway
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DeFi & Crypto & Web3