LINE, the Japanese Social Media to Launch Cryptocurrency

Overview-

• The freeware application, LINE of Japan to launch its cryptocurrency.
• The work on the digital currency has been on a fast track due to the discussions on Facebook’s Libra.

LINE, the freeware application for instant communications on electronic devices such as smartphones, tablets, etc. in Japan is now launching its digital currency called ‘LINK’ in the Japanese market from April. Currently, the digital currency will be available in the Japanese market only.

The line was started as a disaster response in the year 2011 and started working on blockchain technology in the year 2018 and had announced its plans of digital currency then itself. The subsidiary of LINE Corporation, LVC corporation, and operator of LINE’s blockchain-related business working on the plan. The LINE is also planning first to list the LINK on Bitmax cryptocurrency exchange, however, the details are not yet finalized.

The news has come after the deputy governor of the Bank, Masayoshi Amamiya, recently commented that the Central Bank of Japan also should be prepared to issue the digital currency. He said, “The speed of technical innovation is breakneck. Depending on how things unfold in the world of settlement systems, public demand for CBDCs could soar in Japan. We must be prepared to respond if that happens.”

Also, the lawmakers of the ruling party were working on the proposal to issue a national digital currency, “Yuvan.” With the discussion on Facebook’s Libra, China was also trying to work on its own. The member of the 70 Liberal Democratic Party Lawmakers, Nakayama, said, “The first step would be to look into the idea of issuing a digital yen.” He also added further, saying, “China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts.”