Messaging Giant LINE Developing a CBDC Platform to Aid Asian Central Banks

LINE, the Japanese messaging giant, is currently developing a CBDC platform that would enable central banks in Asia to develop “customized CBDC,” reported a local daily.

The messaging giant Line is a subsidiary of a South Korean search engine company called Naver. Over the years, Line has expanded and ventured into the blockchain and digital assets arena, thus developing a CBDC development platform.

It is being reported that the Japanese messaging giant is already in talks with several Asian Central banks about developing the CBDC platform. However, the firm refused to reveal the exact details or the Central Banks’ names they are currently holding talks with. One of the company spokespeople announced that the platform would enable banks to develop their custom CBDC based on Line blockchain. The spokesperson said they would,

“Provide a blockchain platform that is fit for CBDCs based on Line Blockchain.”

Before its current venture in the form of the CBDC development platform, the messaging giant launched its blockchain development platform for decentralized applications, services, and a digital asset wallet called Bitmax, back in August this year.

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Apart from launching blockchain-based development platforms, Line’ subsidiary LVC Corporation also launched trading for its native digital token called Link in Japan.

Central Bank Digital Currencies (CBDC) has been on the cards of many governments and central banks, especially after China made quite aggressive progress towards developing their native digital asset called digital yuan. Many European and Asian countries have been pondering over the idea of a sovereign digital asset managed by the respective countries’ central bank.

China is already running pilot programs for its CBDC in both private and government sectors. Whether other Asian and European countries would follow in the footsteps of China is to be seen.

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