Japanese Messaging Heavyweight LINE In Process Of Building CBDC Platform

By Warren Hayes | October 21, 2020

Line – Japanese-based messaging giant of internet search engine firm Naver – is reportedly in the process of designing a platform dedicated to the creation of a CBDC

Specifically, Line is putting in resources in an attempt to provide assistance for the creation of what is referred to as a “customized CBDC”. 

The messaging giant is reportedly in talks with numerous central banks across major nations in Asia, regarding the applications of its blockchain-powered platform. Members of Line reportedly claimed that details of said nations are yet to be disclosed at the moment. 

A representative from Line reportedly remarked that the company has a goal to establish “a blockchain platform that is fit for CBDCs based on Line Blockchain.”

Line has been carrying out several initiatives to dive deeper into the field of crypto and blockchain. In August this year, it reportedly finalized the release of a blockchain development platform, dedicated to decentralized applications and services, along with a crypto asset wallet, dubbed Bitmax. 

Earlier in 2020, Line’s crypto subsidiary LVC Corporation made trading features available for its proprietary cryptocurrency Link (LN) across Japan.

A wide range of Asia-based nations are reportedly in the process of building their own CBDC as well. On October 9th, the Japanese central bank disclosed details of a plan for a CBDC proof-of-concept to be initiated in 2021.

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