Line has revealed its intention to launch its CBDC platform. According to the report, the messaging company was moved by the increased consideration of making use of the customized digital currency in the continent.
Following the recent exploration of the possibility to adapt and integrate the Central Bank Digital Currency (CBDC) among the various central banks in Asia, Line messenger, a Japanese-based company and a subsidiary of Naver have revealed its intention to come out with a CBDC platform to support the process.
According to the report, the messaging company was moved by the increased consideration of making use of the customized digital currency in the continent. Just recently, the central bank of Japan joined the other central banks in Asia to announce the launching of its Central Bank Digital Currency (CBDC) Proof-of-Concept in 2021.
Line messenger finds these developments in line with their goals as the company has been studying about the blockchain and the cryptocurrency industry recently. Some weeks ago, the company launched its blockchain development platform designed for decentralized application as well as Bitmax, a cryptocurrency wallet.
Line Messenger Blockchain Exploration and CBDC Details
Interestingly, Line messenger has not just explored the benefits of blockchain on the ground of designing a CBDC platform and a digital asset wallet, but has also developed its native currency dubbed “Link”. Its native asset has gained popularity among cryptocurrency enthusiasts worldwide and has gained over 85 million users currently.
In response to the motive behind their decision to channel their initiatives to the Central Bank Digital Currency (CBDC) industry, the company told reporters that they intend to support the digital currency development by providing a platform based on the blockchain, and well designed to support the various CBDC programs.
The company also hinted that they have engaged several central banks in Asia to consider their blockchain platform in a bid to push the Central Bank Digital Currency (CBDC) into their financial world. However, Line messenger did not reveal the countries that are being talked to and the advancement of their discussion. The decision has been welcomed by the cryptocurrency and blockchain community as this opens ways for other companies to consider and adopt the fast-growing technology.
The CBDC Craze in Asia
Governments in Asia and other parts of the work have admitted that digital currencies are cheaper to develop compared to the cost of printing physical money. This benefit is coupled with affecting local and international payments as well as complete transactions at a faster rate.
China became the first global economic superpower to ever think about coming out with its Central Bank Digital Currency (CBDC) after hinting about its digital Yuan in 2019. The government also announced that there will be an expansion of testing the digital currency to the Southern part of the country or the most developed region.
In addition, the Bank of Korea has been said to be looking out for a consulting partner to commerce the technical phase of the digital won.
Line has, therefore, decided to initiate the CBDC platform at the right time as the early decision of Japan, China and Korea can call other central banks from slumber to explore its benefits and be supported by the proposed platform when they decide to make the big decision by integrating it into their financial system.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.