Japan's LINE Launches CBDC Development Platform: Report

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.

Also read: Japan’s Nomura Invests in Line’s LVC to Develop Blockchain Financial Services