September 23, 2023

Tencent forms a team for the study of digital currency

Tencent forms a team for the study of digital currency

Tencent, one of the largest Chinese Internet service providers and owner of QQ and WeChat messaging networks, forms a research group to study the possibilities of cryptocurrency.

New cryptocurrency research unitwill study the possibilities of integrating digital currencies into the company's payment platform, issuing its own token and developing the blockchain industry as part of government initiatives. The People's Bank of China has already included Tencent in the list of possible issuers for the issuance of a sovereign digital renminbi.

Tencent has been working with blockchain technology for a long time. Back in 2017, the Internet giant introduced a description of the blockchain platform for managing digital assets. At the moment, the company is also developing a blockchain solution for tracking the supply chain of a fast food restaurant McDonald’s.

In October, Tencent announced the openingblockchain-based virtual bank, licensed by SFC in Hong Kong. Recently, the company entered into a partnership agreement with the Russian diamond mining company ALROSA and the Everledger blockchain platform to develop an application focused on not selling diamonds for WeChat users.