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Social messaging platform LINE is set to develop a blockchain platform for Central Banks Digital Currencies (CBDC).
Korean paper Chosun reported on Monday that LINE is in discussion with several Asian banks regarding the new development. The blockchain platform would enable the Central bank to launch CBDCs in a safe and scalable environment.
Central Banks would also be able to add customizable features on the platform using different economic parameters.
LINE has been proactive in its use of blockchain technology. The tech firm has taken advantage of Japan’s crypto-friendly laws to explore new aspects in the crypto space.
In 2019, LINE launched its cryptocurrency exchange BITMAX for its 80 million users. Since then, it has continued creating new products within the blockchain industry. Since then, it has continued creating new products within the blockchain industry.
In August, the messaging platform launched a blockchain development platform for Decentralized Application alongside a digital asset wallet.
Clamour for CBDCs continues to grow
There is a strong push for CBDCs globally, with several countries exploring options for launching digital currencies.
The International Monetary Fund, in its latest report, suggested that CBDCs can help to improve global payment systems. Also, it hinted that the deployment of CBDCs would be important for improved financial infrastructure and cross-border transactions.
It is no surprise that LINE has decided to develop its own CBDC platform giving the latest developments in ASIA. China has gone far in deploying its CBDCs and tested its digital Yuan in some cities across the country.
Japan recently announced that it would start a CBDC proof of concept in 2021, while South Korea will begin the distribution phase of its CBDC pilot scheme in the first quarter of 2021.
LINE is not the first private company to work on launching a CBDC platform. Payment processing giants MasterCard had announced in October that it was planning to launch a testing platform for Central banks to test their digital currencies.
The MasterCard testing platform will allow Centrals banks to explore if the CBDC fits properly to their region. Other financial companies have also shown interest in developing CBDC testing platforms as the concept continues to spread globally.