LINE launches blockchain development platform for CBDC

According to a. launched a platform for blockchain development called Line Financial post was officially launched on July 9th. The ultimate goal of the platform is to enable the optimal use of the central bank digital currency (CBDC).

LINE aims at CBDC

With the aim of providing superior security and performance, and “ensuring the completeness of the payments required to confirm transactions required by CBDC companies,” LINE expects the platform to be able to handle large volumes of transactions. It will also keep payment information confidential and take steps to ensure assets can be regulated.

The development platform is layered and modular, which makes it easy to design systems by combining different modules. LINE is already open source. Interested parties can download the modules and build their own blockchain.

LINE also announced that it is discussing Line Financial with central banks in various Asian countries to find solutions based on the specific needs of each central bank. The company also signed a Memorandum of Understanding (MoU) with NuriFlex to set up a CBDC platform in Latin America and Africa.

If successful, this would be a bold move for LINE, which is working on blockchain technology. The company founded a blockchain subsidiary in 2018 and in the meantime has eagerly announced its intentions.

What do Korean regulators say?

South Korea is currently in the process of extensive regulatory oversight. The country’s regulator, the Financial Services Commission, has taken extensive measures to ensure money laundering is prevented to protect investors.

The regulator recently revised the cryptocurrency exchange guidelines for the country, requiring exchanges to apply for a new license that will be fully regulated. This will usher in a new era for crypto market regulation in the country.

However, it appears that LINE is heavily focused on the use of CBDCs, which regulators should be happy about. Most governments, with the exception of El Salvador, are interested in designing and implementing a CBDC. If LINE’s blockchain platform gets the approval and authority of central banks, it could be better treated because of its CBDC focus.

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According to BeinCrypto

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