Home » Japanese Messaging Giant LINE is Developing a Platform for CBDC

Japanese Messaging Giant LINE is Developing a Platform for CBDC

by Natalie Christie

This new CBDC platform would help central banks in Asia with developing a central bank digital currency.

Line, a Tokyo-based subsidiary of the South Korean SEO company Naver, is building a platform for developing central bank digital currencies, South Korean news agency the Chosun Ilbo reported on Oct. 19.

Sources familiar with the matter reportedly told Chosun Ilbo that Line aims to support the development of a so-called “customized CBDC.”

The messaging company is discussing the application of its blockchain-based CBDC platform with several central banks in major Asian countries, according to the report. Line executives said that they cannot disclose the exact countries that are considering the platform’s application.

A Line spokesperson told The Coin Magazine that the firm aims to “provide a blockchain platform that is fit for CBDCs based on Line Blockchain.”

(Line Spokeperson)

Line has been exploring the crypto and blockchain industry actively. In August 2020, it launched a blockchain development platform for decentralized applications and services and a digital asset wallet named Bitmax. Line’s crypto subsidiary LVC Corporation launched the trading of its proprietary cryptocurrency Link (LN) in Japan.

A part of Asia are making plans for it’s own CBDCs. On Oct. 9, the central bank of Japan announced that it’ll take up a CBDC proof-of-concept in 2021 officially. On Oct. 7, the South Korean central bank reportedly claimed that it’ll start the distribution phase of its CBDC pilot scheme next year.

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