Tencent to Explore New Uses Cases of Cryptocurrencies


December 25, 2019 10:13 pm

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Tencent, a China-based internet giant and the parent company of WeChat is forming a team to explore possible new use cases for cryptocurrencies. The report said that 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 be finding other ways to know about how to use cryptocurrencies in its payments platform as well as explore other possible business applications. The team also intends to show how cryptos could be used within existing and future regulatory regimes.

According to the reports by Quartz and CNBC, states that The People’s Bank of China (PBOC) is said to view Tencent as a prospective issuer for the digital yuan under development. Reports mention that the new Tencent unit will work on developing the government’s pilot digital currency plan in the city of Shenzhen.

Tencent did not provide any 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.

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