Japanese giant Line developing CBDC platform. On October 19th, South Korean news agency, Chosun Ilbo reported that the subsidiary of South Korean internet search engine company Naver, is building a platform to develop central bank digital currencies.
Sources familiar with the matter reportedly told Chosun Ilbo that Line aims to support the development of a so-called “customized CBDC.”
According to the report, the messaging company is in discussions with several central banks in major Asian countries on the application of its blockchain-based CBDC platform. Line executives said that they cannot disclose the exact countries that are considering the platform’s application. A Line spokesperson shared that the firm aims to “provide a blockchain platform that is fit for CBDCs based on Line Blockchain.”
The firm has been strongly exploring the crypto and blockchain industry. It introduced a blockchain development platform for decentralised software and services and a digital asset wallet called Bitmax in August 2020. Line’s crypto subsidiary, LVC Corporation, began trading its proprietary cryptocurrency, Link (LN), in Japan earlier this year.
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