Chinese Internet Giant Tencent on the Lookout for New Head of Digital Currency Group

Chinese internet giant Tencent, also the operator of messaging app WeChat has been reported that the company is looking to create a digital currency research group. Tencent released a statement to its employees, stating that the company is currently hiring a new head of the research group. 

iFeng reported that the digital currency research group would be focusing on advancing the internet giant’s research on digital payment by utilizing blockchain technology.  

It was reported that the new digital currency team would be responsible for research, follow up and the implementation of the latest policies of the relevant government departments, business model innovation, and application. 

Tencent has started a blockchain-based research and development team in 2015. In October this year, the internet giant has released the 2019 Tencent Blockchain Whitepaper, demonstrating new ideas in the different industry use cases with the involvement of blockchain.  

Liu Feng, the Director of Blockchain Technology Research and Application Research Center of the Shanghai University of International Business and Economics said, “As the dominant player in the domestic social field, Tencent sits on the advantages of two major product ecosystems – QQ and WeChat, and proposes a social-based global blockchain digital currency mobile payment system network.”  

Liu also added that there had been many difficulties faced when testing out the technology regarding current regulatory and legislative processes.  

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