Dec 24, 2019 (China Knowledge) - China’s internet and technology giant Tencent (0700) is reported be forming a digital currency research team within the company.
This comes after strong support in the area of digital currency research in the Shenzhen Special Economic Zone, following President Xi’s address on the importance of research and development in blockchain technology in late Oct this year.
The new digital currency research team in Tencent will likely focus in developing blockchain technology and digital currency, with the hopes in integrate blockchain into Tencent’s digital payment services such as WeChat Pay.
Tencent’s move in setting up the new team also coincides with PBoC’s upcoming plans to put a digital currency scheme into trial in major cities across China. PBoC has began development of a digital fiat currency since the middle of this year. The country hopes to launch the digital currency to better track transactions and cut down on money laundering.
Tencent is actually no stranger to blockchain technology, with the company having apply the technology in many other areas of its businesses such as gaming and transportation.
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