Tencent to Form a Digital Currency Research Group: Report

Chinese technology giant Tencent is planning to form a research group to study digital currencies, supporting its projects involving Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology.

Reported by local media outlet iFeng on Monday, the company released a statement to its employees informing them that it is looking for someone to head the yet to be formed research group.

With the research group, the parent company of the social messaging platform WeChat is aiming to study the digital payment methods to scale up its products in the industry. The group will also be responsible for seeing the implementation of government policies in the new payment methods and evaluate innovative business models for various scenarios.

Established in 1998, Tencent is one of the major conglomerates in China, and most of its subsidiaries are concentrated on internet-based services and products. The company is also investing heavily in emerging technologies like Artificial Intelligence (AI) Artificial Intelligence (AI) Artificial Intelligence (AI) is a term coined by in 1956, which defines the automation of robotics to the actual process of robotics.The evolution of technology has since led to the gradual adoption of AI in several aspects of our lives. One of the most pertinent is its impact in the financial services industry, which provides a wide range of possibilities moving forward.Ways AI Can Transform FinanceAI has the potential to transform the financial services industry forever. This can take shape in Artificial Intelligence (AI) is a term coined by in 1956, which defines the automation of robotics to the actual process of robotics.The evolution of technology has since led to the gradual adoption of AI in several aspects of our lives. One of the most pertinent is its impact in the financial services industry, which provides a wide range of possibilities moving forward.Ways AI Can Transform FinanceAI has the potential to transform the financial services industry forever. This can take shape in Read this Term) and blockchain.

Chinese push for digital currency

Meanwhile, the People’s Bank of China (PBoC) is also working on the development of its own central bank digital currency (CBDC) to expand the digital use of yuan internationally. Many officials of the central bank already confirmed that though based on decentralized technology, the digital currency will be very centralized and controlled by the bank.

As Finance Magnates reported earlier, the central bank is planning to test the launch of the currency in two cities – Shenzhen and Suzhou. It will also distribute the first batch of digital currency to a number of financial institutions and technology companies, and Tencent is also on that list along with Alibaba and Union Pay.

The stress on blockchain-based services in China has increased after the speech by the country’s president Xi Jinping earlier this year, who boosted the technology and urged the country to capitalize on it.