LINE, a Tokyo-based subsidiary of the South Korean web search engine firm Naver, is constructing a platform for growing central financial institution digital currencies, South Korean information company The Chosun Ilbo reported on Oct. 19.
Nameless sources conversant in the matter reportedly informed The Chosun that LINE goals to assist the event of a so-called “custom-made CBDC.”
The messaging firm is discussing the applying of its blockchain-based CBDC platform with a number of central banks in main Asian international locations, based on the report. LINE executives stated that they can’t disclose the precise international locations which are contemplating the platform’s utility.
LINE didn’t instantly reply to Cointelegraph’s request to remark. This text might be up to date pending any new data.
LINE has been actively exploring the crypto and blockchain trade. In August 2020, it launched a blockchain improvement platform for decentralized purposes and companies and a digital asset pockets named Bitmax. Earlier this yr, LINE’s crypto subsidiary LVC Company launched buying and selling of its proprietary cryptocurrency Hyperlink (LN) in Japan.
A lot of Asian international locations are planning for their very own CBDCs. On Oct. 9, the central financial institution of Japan formally introduced that it’ll begin a CBDC proof-of-concept in 2021. On Oct. 7, the South Korean central financial institution reportedly claimed that it’ll start the distribution part of its CBDC pilot scheme subsequent yr.