LINE is in talks with Asian central banks to work on digital currency projects
October 20, 2020, 6:30AM EDT
1 min read
Japanese messaging giant LINE is in discussions with Asian central banks regarding possibly working on digital currency projects, a spokesperson of the company told The Block.
"Our aim is to provide a blockchain platform that is fit for CBDC [central bank digital currency] based on LINE Blockchain," said the spokesperson. LINE launched its blockchain platform for developers in August.
It is not clear which Asian central banks LINE is in talks with, but a report from Korean news outlet IT Chosun notes that the company would work with central banks focused on developing digital currencies for micropayments.
The Bank of Korea, for instance, could trial its CBDC for micropayments. A recent report from the central bank noted that other countries like Uruguay, Bahamas, and Cambodia are also developing CBDCs for micropayments to reduce money management costs.
Last month, payments giant Mastercard launched a "virtual and custom" testing platform that will allow central banks to evaluate digital currency systems.