Tencent, the Chinese internet giant and owner of WeChat, is reportedly forming a team to explore possible new use cases for cryptocurrencies.
According to reports by Chinese media, Tencent issued an internal notice informing employees it was searching for someone to head a new cryptocurrency research unit, which will form part of the company's payments wing.
The new team will look at how to use digital currencies in its payments platform as well as explore other possible business applications.
The People's Bank of China is said to view Tencent as a prospective issuer for the digital yuan under development, according to reports in Quartz and CNBC. Reports suggest the new Tencent unit will work on developing the government's pilot digital currency plan in the city of Shenzhen.
Tencent has not denied the reports, but neither has it provided additional information about the research unit nor responded to Chinese media requests for comment.
It is unclear whether the team would also consider creating a new cryptocurrency, or focus on supporting applications for the new digital yuan.
Tencent has previously said Facebook's Libra project may pose a serious risk to WeChat Pay as it expands outside China.
The Chinese government is also reportedly worried about Libra becoming a private alternative to its own digital yuan initiative.
Tencent has had an active and longstanding interest in cryptocurrencies and blockchain technology.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Chinese Internet Giant Tencent to Launch Digital Currency Research Team
Publicado en Dec 24, 2019
by Coindesk | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.