Tencent, which is valued over 500 billion USD, is planning to form a research group to study digital currencies and blockchain technology. Tencent is a multinational company that operates as an investment holding company. The company, through its subsidiaries, provides Internet and mobile value-added services (VAS).
The research group will evaluate innovative business models.
According to the Chinese news outlet iFeng, Tencent released a statement to its employees, saying that they are looking for the new head of the research group, which is yet to be formed. The parent company of Wechat, Tencent, is looking to study the digital methods to scale up its products in the industry. The research group will also see the implementation of government policies in the new payment systems and assess business models for various scenarios.
China gears up to launch its national digital currency.
China is all set to become the first country to launch a central bank-backed digital currency. The country with a population of over 1.39 billion had announced to test its digital currency in two cities earlier next year. However, it is not confirmed when will be digital currency would be available to citizens. China is also promoting the adoption of blockchain technology.
