Japanese Giant Line Developing CBDC Platform

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.

[image: Google Play]

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