Tencent will open a virtual bank on the blockchain after obtaining a license in Hong Kong

Chinese internet giant Tencent will open a virtual bank on the blockchain when it receiveslicense from Hong KongSecurities and Futures Commissions (SFC).

This was stated by the head of Tencent onThe international blockchain summit in Wujen, adding that the Commission has already approved the opening of a virtual bank. Soon, the company will begin to form a team to support the blockchain-based banking platform.

Tencent did not disclose details aboutvirtual bank, however, spoke about its current projects that use blockchain technology. One project aims to finance the supply chain for McDonald’s international fast food chain.

This week, the SFC released information on a new system for licensing and regulating virtual assets, creating a system similar to the one that controls the activities of stock brokers.

"The updated regulation and control of digital asset transactions saysthat blockchain technology is really important, and that's good news for the industry," said the head of Tencent, speaking at the conference.

Let us recall that in October the Chinese corporationTencent has received permission from the country's tax department to develop international standards for blockchain-based electronic invoices. Additionally, Tencent said last month that the Libra cryptocurrency could pose a serious threat to payment systems Alipay and WeChat Pay.

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