Line, a Tokyo-based messaging firm, is now working to develop their central based digital currency. This has been revealed by a local South Korean news agency called Chosun Ilbo on October 19, 2020. The Line aims to help the development of customized central based digital currency (CBDC).
Line Is Discussing Application of CBDC With Asian Central Banks
It has been revealed that Line has been discussing the application related to the CBDC platform with some major Asian central banks. At the present moment, the firm has not revealed the countries in the CBDC application plan. They cannot disclose the countries with whom they are discussing to launch the CBDC application. It is revealed that the firm is aiming to provide a blockchain platform, particularly for CBDC’s which are based on Line Blockchain.
This is not something coming all of sudden as Line has been exploring both the crypto and blockchain industry very actively for quite some time now. This interest ramped up during the COVID-19 pandemic as people started seeing the potential in digital currency and are now ditching their traditional money.
Asian Countries Are Aiming to Launch Their Own CBDC
Back in August 2020, Line launched a blockchain development platform for decentralized applications. Along with this, the firm has also launched the digital asset wallet Bitmax. By the starting of this year, the crypto subsidiary of the firm, LVC Corporation has also launched trading of Link. Which is the proprietary cryptocurrency of the firm.
Moreover, many Asian countries are planning to launch their own central based digital currency. China is way too ahead of all the countries as it is about to launch its Digital Yuan very soon. Similarly, Japan has also revealed plans for starting a CBDC proof-of-concept in 2021. Even though countries have been considering CBDC before as well, but COVID-19 pandemic has given a surge in its introduction.