Messaging Giant LINE Releases CBDC Development Platform
- The firm aims to support the development of a “customized CBDC”, which would be able to reflect each bank’s requirements.
- Some “major” Asian countries are reportedly in discussion with Line over the application of its CBDC platform.
Illustration from Shutterstock
The corporation behind popular messaging app LINE is developing a platform that will assist central banks in creating their own digital currencies, South Korean news agency Chosun reported on 19 October.
According to the publication, a LINE representative familiar with the matter claimed that the firm was aiming to support the creation of a “customized CBDC”, which would reflect each country’s requirements while at the same time maintaining the advantages offered by blockchain tech. The firm is also looking to promote its own blockchain, with a representative of the firm stating that LINE was aiming to “provide a blockchain platform that is fit for CBDCs based on Line Blockchain”.
The messaging giant further revealed that it is already holding discussions with “major” Asian countries, who were interested in the application of the blockchain-based CBDC platform. LINE, however, did not disclose which countries those were, or whether they had plans to release their own CBDCs.
For about a year now LINE has actively been exploring the cryptocurrency and blockchain space. Back in September 2019, the firm launched its own cryptocurrency exchange, named BitMax, only two weeks after it received approval from Japanese regulators. This year, the messaging giant launched trading of its proprietary token Link (LN) in Japan, and later released a blockchain development platform for decentralized applications and services.
LINE is not the only firm that wished to assist central banks in creating their own digital currencies. Last month, Mastercard released a virtual CBDC testing platform to help central banks evaluate the effectiveness of their CBDC’s design and proposed use cases. The testing environment was designed to mimic the issuance, distribution and exchange of CBDCs between financial institutions and consumers.
- The head of China’s central bank digital currency institute said the e-CNY has undergone a major upgrade, and should be made available as an option in all retail scenarios.
- The PBOC official noted that platforms can integrate the CBDC in the short term using QR codes, and focus on upgrading their payment tools in the long run.
Office building of the People’s Bank of China. Flickr
- The current governor of Florida, Ron DeSantis, announced he is joining the race for the 47th president of the U.S. during a Twitter Spaces event on Wednesday.
- During his speech DeSantis declared his support for Bitcoin and the wider crypto space, noting that if Joe Biden is re-elected “they’ll probably end up killing it”.
- Planned for 1 April, the CBDC trial will involve real consumers and real transactions, though they will be limited to a certain number of customers and transfers.
- The pilot, however, will not be opened to the general public in its first phase, and will only be opened to customers chosen by the 13 participating local banks.