Line Builds A Platform For Developing CBDCs

Line, a Tokyo-based messaging giant, is building a platform for developing central bank digital currencies (CBDCs).

It has been reported by the South Korean news agency the Chosun Ilbo that Line aims to support the development of a so-called “customized CBDC.”

However, the messaging company is discussing the application of its blockchain-based CBDC platform with several central banks in major Asian countries.

Line executives said that they cannot disclose the exact countries that are considering the platform’s application.

Likewise, a Line spokesperson said:

“The firm aims to provide a blockchain platform that is fit for CBDCs based on Line Blockchain.”

The report said that Line has been actively exploring the crypto and blockchain industry. In August 2020, it launched a blockchain development platform for decentralized applications and services and a digital asset wallet named Bitmax.

Earlier this year, Line’s crypto subsidiary LVC Corporation launched trading of its proprietary cryptocurrency Link (LN) in Japan.

Thus, a number of Asian countries are making plans for their own CBDCs.

Source: Cointelegraph

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China’s $1.5 Million Digital Yuan Lottery Winners Receive Their “Red Packets” Of Digital Yuan

A report said that the vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red packets” of digital yuan.

On October 18, it has been reported by the Shenzhen authorities that as of October 18, a total of 47,573 out of 50,000 lottery winners in China have received their prizes.  


However, the winners conducted a total of 62,788 transactions accounting for 8.8 million yuan ($1.3 million), as this amount represents about 88% of the total 10 million yuan ($1.5 million) that was to be distributed in the giveaway pilot in Shenzhen.

As per the report, some winners have not only spent their “red packets,” but also topped up their wallets, having purchased an additional 901,000 yuan ($134,000).

Shenzhen launched a pilot program to promote the digital yuan with a public giveaway on October 9.

As previously reported, a total of 2 million people applied to participate in Shenzhen’s digital yuan giveaway program as of October 12.

Thus, China’s central bank digital currency, the digital yuan, began testing in April 2020, as pilots were subsequently expanded to nine cities including Shenzhen, Guangzhou, as well as Hong Kong, and Macau.

Source: Cointelegraph

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