Japanese social media network Line can begin trading its own digital currency among its 700 million users beginning in April 2020.
Available since 2018, Line’s currency is called Link and has not been available in the Japanese or United States markets due to government regulation in its country of origin.
As a result, Line began its own exchange, BITBOX, that enabled Link currency users in areas challenged by regulations to engage in trades with the cryptocurrency. BITBOX, however, did not ascend to a spot among the top 100 exchanges, peaking at 120. Line began another exchange in 2019, Bitmax, with the exchange structure built into Line’s popular social media app.
Line consequently met the Japan Virtual Currency Exchange Association’s standards this year and can now officially start to trade in the country.
Other social media sites are trying to promote their own digital currencies, including Telegram and Facebook, with challenges and growing pains in recent months. Regulatory issues confound Telegram despite the Russian social media network raising more than a billion dollars so far to attain market legitimacy.
Facebook’s Libra also faces impediments, with countries and collaborators, including telecoms giant Vodafone, pushing back against the global social media giant’s currency plans and leaving the strategic launch. The European Central Bank (ECB) is openly calling on its member banks to find alternatives to Libra.