LINE (Courtesy: Twitter)
Latest News

Japanese Messenger To Work On Digital Currency Projects

LINE (Courtesy: Twitter)
LINE (Courtesy: Twitter)

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.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.