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Tencent Plans on Introducing Digital Currency Research Group

By Luke Flowers – Cryptocurrency Broker

Renowned Chinese Internet company, Tencent, known for developing social media app WeChat, is going to develop a digital currency research group to further advance research projects around blockchain technology. This could be in hope to encourage more to buy and sell Bitcoin.

iFeng, a Chinese news outlet, reported on December 23, that Tencent is looking for a new head of the research group after releasing a statement to its employees.

With the use of blockchain technology, the soon-to-be established digital currency research group is right now focusing on the Chinese Internet giant's advancement in the digital asset industry. Tencent has made strides in the digital content sector and advancing to support buy and sell cryptocurrency could be seen as the next step for the conglomerate.

WeChat Blockchain Diamonds

Tencent recently announced a brand-new partnership with the blockchain platform Everledger and the biggest diamond mining firm in the world, Alrosa, so they can launch a new diamond-based retail mini-program targeting 1 billion active users at WeChat.

This collaboration hopes to improve consumer trust and transparency among the diamond supply chain, allowing social media users to buy diamonds while fully being aware of their characteristics, ownership history, and origins. This concept could encourage more to buy crypto as they may be able to use them to purchase the diamonds. All recorded on an immutable ledger.

Blockchain Invoice System Developed

Shenzhen’s tax service reported at the start of Nov. that over 10 million blockchain-focused invoices were issued in the Chinese tech capital and will go on to promote blockchain-based electronic billing actively. Tencent created this invoice system for Shenzhen and preaches to the potential use of such systems.

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