LINE is in talks with Asian central banks to work on digital currency projects

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.

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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.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.