Japan's LINE Launches CBDC Development Platform: Report
LINE reportedly said it has several "major" Asian nations in discussions over using the CBDC platform.
Oct 20, 2020 at 10:25 a.m. UTCUpdated May 9, 2023 at 3:12 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/IBX3IPQWZJF2BNHTCQ4LFZ47QM.jpg)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
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.
02:12
Bitcoin's 200-Day Average Nearing Record High; Ripple Rejects SEC’s Ask of $1.95B Fine
01:02
Akash Network’s Token Surges Nearly 50% on Upbit Listing
00:49
Meme Coin Life Cycle Is 'Five Days,' Delta Blockchain Fund Founder Says
02:07
Binance Exec's Wife Denies Extradition Report; Thailand Tightens Crypto Regulation
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)