The Korean news agency Chosun Ilbo reported on October 19 that LINE is building a platform for the development of the central bank’s digital currency. The company is a Tokyo subsidiary of South Korean Internet search engine company Naver.
According to reports, a source familiar with the matter told the Chosun Ilbo that LINE aims to support the development of so-called “customized CBDC”.
The report stated that the telecommunications company is discussing the application of its blockchain-based CBDC platform with a number of central banks in major Asian countries. LINE executives stated that they could not disclose the exact country where the platform is being considered.
A LINE spokesperson told Cointelegraph that the company’s goal is to “provide a blockchain platform suitable for CBDC based on the LINE blockchain.”
LINE has been actively exploring the encryption and blockchain industries. In August 2020, it launched a blockchain development platform for decentralized applications and services and a digital asset wallet called Bitmax. At the beginning of the year, LINE’s crypto subsidiary LVC Corporation started trading in its proprietary cryptocurrency Link (LN) in Japan.
Many Asian countries are planning to develop their own CBDC. On October 9, the Bank of Japan officially announced that it will launch a CBDC proof of concept in 2021. According to reports, on October 7, the Bank of Korea announced that it will start the distribution phase of its CBDC pilot program next year.
