China is in forefront of blockchain and crypto waves – the latest effort in this pace can be seen by the Chinese internet giant Tencent which seeks to set up a new cryptocurrency research division.

The report surfaced following an internal notice sent across its team. The giant is looking for someone to spearhead a new crypto research unit which will govern how crypto-assets can be used in its payment platform and other possible business applications. More so, the new crew heading the crypto research unit will also overtakes the regulatory aspects of cryptocurrencies.

However, the setup of a new digital currency research unit is aimed at expanding the “company’s payment strategy layout and ensure the long-term healthy development of payment business”.

Interestingly, Tencent already owns a payment firm WeChat which is one of the largest payment processors in the world. Notably, WeChat makes nearly 40 percent of the Chinese multi-trillion dollar payments industry. More so, WeChat’s payment firm Tencent will also aid the Chinese government’s proposed digital currency pilot project in Shenzhen city.

The giant has not shared further details concerning its upcoming digital currency unit but it was earlier reported that the firm will be one among the few companies to receive China’s upcoming digital yuan. Moreover, Tencent has been around the crypto-blockchain bulletins for quite long time. Earlier when Facebook’s libra was on a hype, Tencent stated that it might pose a serious risk to WeChat Pay.

Besides, Tencent since 2017 had published three blockchain whitepapers that detailed the company’s plan to offer blockchain services including digital asset management and identity verification and the latest among these described Libra. Notably, the most recent whitepaper reads that;

“The launch of Libra would significantly affect the course of global expansion for digital payment companies, especially for those who are not in the Libra consortium,”. 

Image Source – Youtube 

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