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Finance

Japan's LINE Launches CBDC Development Platform: Report

LINE reportedly said it has several "major" Asian nations in discussions over using the CBDC platform.

By Daniel Palmer
AccessTimeIconOct 20, 2020 at 10:25 a.m. UTC
Updated May 9, 2023 at 3:12 a.m. UTC
LINE (Nikhilesh De / CoinDesk)

LINE Corporation, best known for its popular messaging app, is launching a blockchain platform allowing central banks to develop digital currencies, South Korean newspaper Chosun reported Monday.

  • A LINE representative reportedly said, "We want to provide CBDC platform technology to several central banks interested in CBDC."
  • The platform would be aimed at helping central banks develop customized digital currencies backed by blockchain technology's advantages of stability and scalability, the report said.
  • The LINE representative said that "major" Asian nations are already in discussions with the firm, though the names were not disclosed.
  • In a similar move, Mastercard recently released a platform allowing central banks to test how proposed central bank digital currencies (CBDCs) would work in real life.
  • As CoinDesk reported, LINE launched a general blockchain development platform in August, alongside a wallet for managing digital assets.
  • The platform was said to allow developers to issue digital tokens, tokenize assets and run decentralized applications (known as dapps).
  • LINE is a Japan-based subsidiary of South Korean firm Navel that already offers a licensed cryptocurrency exchange and crypto lending service.
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