South Korean officials announced that Line Corporation is launching a blockchain network which will allow central banks to develop digital ventures. Currently, the Japanese messaging major organization is in discussions with Asian banks.
LINE is a Japan-based branch of South Korean firm Navel that already offers a licensed cryptocurrency exchange and crypto lending service. The company hasn't informed yet which banks are involved in discussions. It's only mentioned that LINE prefers to work with central banks concentrated on developing digital currencies for small financial activities.
The Bank of Korea, for example, could test its CBDC for micropayments. A new report from the central bank noted that other countries like Uruguay, Bahamas, and Cambodia are also developing CBDCs for micropayments to decrease money management payments.