South Korean news agency Chosun Ilbo reported on October 19 that Line, the Tokyo subsidiary of South Korean Internet search engine company Naver, is creating a digital currency development platform for the central bank.
Sources familiar with the case reportedly told Chosun Ilbo that Line is committed to supporting the development of a so-called “modified CBDC”.
According to the report, the correspondent company is discussing the use of its blockchain-based CBDC platform with several central banks in major Asian countries. Line managers said they could not name specific countries that are considering implementing the platform.
A Line spokesperson told Cointelegraph that the company is committed to “providing a suitable blockchain platform for central bank digital currencies based on Line Blockchain.”
Line has extensively researched the crypto and blockchain industries. In August 2020, he launched a blockchain development platform for apps and decentralized services, as well as a digital activity wallet called Bitmax. Earlier this year, LVC Corporation Line began trading its Link (LN) cryptocurrency in Japan.
A number of Asian countries are developing their own plans for their digital currency customers. On October 9, the Bank of Japan officially announced that it will launch a trial of the CBDC concept in 2021. On October 7, the Central Bank of South Korea announced that it will begin the distribution phase of its pilot central bank digital currency scheme. Next year.