Line, a Tokyo-based messaging giant, is building a platform for developing central bank digital currencies (CBDCs).
It has been reported by the South Korean news agency the Chosun Ilbo that Line aims to support the development of a so-called “customized CBDC.”
However, the messaging company is discussing the application of its blockchain-based CBDC platform with several central banks in major Asian countries.
Japanese messaging company @Line_Global is reportedly working on a platform for developing #CBDC https://t.co/OvFWBJ1eqI — Cointelegraph (@Cointelegraph) October 20, 2020
Line executives said that they cannot disclose the exact countries that are considering the platform’s application.
Likewise, a Line spokesperson said:
“The firm aims to provide a blockchain platform that is fit for CBDCs based on Line Blockchain.”
The report said that Line has been actively exploring the crypto and blockchain industry. In August 2020, it launched a blockchain development platform for decentralized applications and services and a digital asset wallet named Bitmax.
Earlier this year, Line’s crypto subsidiary LVC Corporation launched trading of its proprietary cryptocurrency Link (LN) in Japan.
Thus, a number of Asian countries are making plans for their own CBDCs.