HomeAltcoinThe Central Bank of Norway is developing a CBDC using Ethereum.

The Central Bank of Norway is developing a CBDC using Ethereum.

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Although other blockchains are viewed as strong contenders to dethrone Ethereum, the mother of smart contracts remains unrivaled.

Norges Bank is presently utilizing technologies built on the basis of ether.

For many years, the central bank has considered how a central bank digital currency (CBDC) may benefit both the country and its people. Norway has a significant edge in this area, as it was discovered in November 2020 that no other country comes near or far to the people of Norway when it comes to renouncing cash. Cash is still used by less than 4% of Norwegians.

Meanwhile, the central bank has reached a stage where the information gained over the years must be put into effect. The Ethereum blockchain might serve as the foundation for the establishment of a CBDC, and the central bank has announced a collaboration with the Ether L2 chain Nahmii.

Nahmii is tasked with hosting the sandbox for the Norwegian krone’s digital counterpart. The pilot project will involve all major Norwegian banks in order to best demonstrate the practical feasibility.

Technical benchmarks for Ethereum

Ethereum is now down -2.46 percent against Ether’s current price of $2029.33. Thus, the transaction happens in close proximity to the significant psychological support of 2000 dollars.

Despite recovering from its latest low of $1796, the cryptocurrency has failed to reach the 23.6 percent Fibo retracement of $2216.

Expect losses towards the current low of $1796 as long as trade remains below this critical resistance level.

Only a prolonged climb over the 23.6 percent Fibo retracement of $2,407 will consolidate the rebound towards the 38.2 percent Fibo retracement of $2,407.

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