IT Giant Tencent Forms a Team to Study Digital Currencies
December 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Chinese Internet giant Tencent has allegedly formed a team to explore new applications for digital currencies, CoinDesk reports citing local media.
According to them, the company sent notifications to its employees, where it announced the search for a manager for a new unit, which will be part of its payment wing. The team will study the possibilities of using digital currencies on the Tencent payment platform and other commercial scenarios. In addition, their tasks will include studying the place of cryptocurrencies in the current regulatory system.
The activities of the group will be aimed at supporting government initiatives in this area. Allegedly, the People’s Bank of China sees Tencent as a contender for the role of the issuer of the digital renminbi. Chinese media also reported that the new unit will take part in pilot tests of digital currency in Shenzhen.
Tencent did not refute these reports but declined to comment further.
Tencent controls WeChat Pay accounts for about 40% of China’s multi-trillion mobile payment industry. Over 900 million people used WeChat Pay in 2017.
In November, the company announced on preparations for the launch of its own virtual bank to provide financial services using blockchain technology.
Author: Marko Vidrih
