Chinese Tencent will explore digital currency

Китайский Tencent будет изучать цифровые валюты

Tencent, the Chinese Internet giant and owner of a mobile platform for the exchange of text and voice messages WeChat is forming a team to explore possible cases of the use of cryptocurrencies.

According to reports in the Chinese media, Tencent published a Declaration, in which he informed the workers that is looking for a specialist who would head a new Department of the study of cryptocurrencies, which will be part of the payment direction of the company.

The new team will consider how to use the digital currency at its payment platform, and will also explore other possible business programs. Will also be considered, as the cryptocurrency can be used under different regulatory regimes currently operating or that will operate in the future.

Reportedly, the research team will support government initiatives in this region. They say that the people’s Bank of China (PBOC) is considering Tencent as a potential Issuer of digital yuan, which is under development, according to Quartz and CNBC. Besides, a new direction Tencent will work on the development of a pilot project of the digital currency in Shenzhen.

Tencent has not denied this information, but also failed to provide additional data about the research unit. It is not clear whether the command to consider the possibility of creating a new cryptocurrency or focus on the application support for the new digital yuan.

Tencent’s WeChat Pay is one of the largest payment processors in the world, providing nearly 40% of multi-million dollar industry of mobile payments in China. More than 900 million people used the WeChat Pay in 2017, according to Business Insider.

Although WeChat Pay is very popular in China, it is only available in a few other countries. Billing platform is expanding the scope of countries participating in the initiative of the government of China’s Belt and Road, but fails. The Nepalese government has banned AliPay and WeChat Pay to register with the financial regulator in the country earlier this year.

Earlier, Tencent said that the project Libra Facebook can be a serious risk to WeChat Pay, because it will operate outside of China. Reportedly, the Chinese government is also concerned that Libra is private alternative their own initiative digital yuan.

Tencent active and have been interested in cryptocurrencies and blockchain technologies. He has published in 2017, the documents describing the platform, offering services of the blockchain, including digital asset management and verification of identity.

In October, the company announced that it will open a virtual Bank for providing financial services using blockchain technology. This month digital Bank WeBank became the first provider of technical infrastructure for the national network of Chinese blockchains.