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Tokyo based subsidiary getting ready to build a development platform for CBDCs

Tokyo based subsidiary getting ready to build a development platform for CBDCs

Quick take

1 minute read

  • A subsidiary of the South Korean Internet search company Naver, LINE (Based in Tokyo) is getting ready to build a platform for developing central-bank digital currencies. 
  • This comes from a local news report early this week which indicates anonymous sources who are close to the matter of allegedly told the news outlet that the subsidiary is looking to support the development of a customised central bank and digital currency.

A subsidiary of the South Korean Internet search company Naver, LINE is getting ready to build a platform for developing central-bank digital currencies. This comes from a local news report from the Chosun Ilbo early this week on the 19th of October which indicates anonymous sources who are close to the matter of allegedly told the news outlet that the subsidiary is looking to support the development of a customised central bank and digital currency.

The company is looking into the potential of the application of his blockchain-based CBDC platform with new most banks in some big countries in Asia according to the report. Executives from the Tokyo based company have said that they cannot disclose the exact countries that are getting involved at the time of writing.

LINE has been a long time player within the crypto industry as in August this year, it launched a development platform for decentralised applications and services not to mention a digital asset wallet dubbed Bitmax.

It will be interesting to see how the future of this development platform goes when it comes to central-bank digital currencies. Currently, China seems to be the first to release its own “digital yuan“ which will be interesting to see and follow the progress of when it is launched supposedly later this year.

For more news on this and other crypto updates, keep it with CryptoDaily!

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