Payments giant Tencent explores the uses of cryptocurrencies

Owner of WeChat Pay, a service used by more than a billion people, Tencent wishes to create a research unit responsible for exploring possible use cases of crypto-currencies. A necessity to protect yourself from international competition.

In the United States, several electronic payment players joined Facebook’s Libra cryptocurrency project … before throwing in the towel due to regulatory pressures. In China, other payment platforms are interested in crypto-currencies.

This is particularly the case of the Chinese tech giant, Tencent, the T of BATX, the Chinese equivalent of GAFA. According to local media, the company announced internally the creation of a Research Unit dedicated to crypto-currencies. In this context, it is recruiting the director of this future entity.

A deterrent to foreign cryptocurrencies

The mission of the new research team will be to explore the possible uses of electronic currencies for the existing payment services of Tencent. Remember that the firm has WeChat, publisher of an electronic payment solution, WeChat Pay, used by more than a billion people worldwide.

The objective of the future research entity will not, however, consist only of extending the functional scope of the WeChat platform. It will also be responsible for exploring new applications and studying their compliance with the regulatory frameworks of the main markets for crypto-assets.

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Tencent should probably be involved in this context in the project to create a digital Yuan led by the Chinese authorities. This digital currency would now be ready to enter the pilot phase.

Tencent, a giant already involved in blockchain services

With a billion users, WeChat is a key player to allow the widest possible adoption of this E-Yuan. Tencent also cannot stay away from cryptocurrencies at risk except to see its payment activities disrupted by new entrants, such as Facebook.

The interest of the Chinese firm does not go back to Libra’s announcement, however. In 2017, the company presented a service platform based on the blockchain. However, it was only a white paper, not the launch of a new technology platform.

His work in the blockchain field continued, however. A few months earlier, Tencent announced its intention to launch a New bank in order to offer blockchainized financial services.

In a completely different sector, Tencent Financial Technology has developed a blockchain-based billing system for Shenzhen transportation, including metros, taxis and airport shuttles.

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