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Tencent to establish digital currency research group: Report

Image: Tencent

Tue, 24 Dec 2019, 05:28 am UTC

Chinese internet behemoth Tencent is forming a digital currency research group and is seeking a new head to lead the initiative, Cointelegraph reported citing Chinese media outlet iFeng.

This is part of Tencent’s efforts to accelerate its blockchain technology research projects. The company has been actively involved in the blockchain space for quite some time. In 2017, it published its first white paper that detailed its plans to build a suite of blockchain services.

Tencent has also filed its registration for Tencent Blockchain and Tencent Cloud TBaaS Blockchain with the Cyberspace Administration of China, CoinDesk reported.

The digital currency research group will reportedly work towards strengthening the foothold of Tencent in the digital payments landscape by leveraging blockchain technology.

The group will be “responsible for the overall advancement of digital currency research projects, follow up and implement the latest policies of relevant government departments, carry out digital currency related research, and business model innovation and application scenario verification,” iFeng said (via online translation).

In August 2018, Tencent trialed a feature on the WeChat app that used blockchain technology for reimbursement of expenses for company employees.

In October 2019, Tencent received approval from China’s State of Administration of Taxation to create a draft for a blockchain-based invoice standard. It will be collaborating with The China Academy of Information and Communications Technology and the Shenzhen Taxation Bureau to oversee the initiative.

More recently, it partnered with Alrosa and Everledger to roll out a new diamond-focused retail mini-program targeted at WeChat’s one billion active users.

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