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Tencent plans to create digital currency research team

Investing.com – Chinese tech giant Tencent Holdings Ltd (HK:0700) is planning to look deeper into digital currencies for its blockchain projects.

Chinese media reported that Tencent issued a notice to the staff to announce the decision to establish a research group, which will be responsible for advancing the company’s progress in the digital payment industry by utilizing blockchain technology. The company is recruiting for the new research group's chief

Tencent is the operator of Chinese social media app WeChat, which has millions of users. It recently partnered with the world’s largest diamond mining firm, Russia’s Alrosa, and blockchain platform Everledger to launch a new diamond-focused retail mini-program for its users.

The company also developed Shenzhen’s blockchain invoice system for blockchain-enabled electronic billing. Its WeBank, a digital bank that offers loans to small businesses and individuals, has also become the first technical infrastructure provider for China’s blockchain network.

These moves came as the Chinese government aims to build a nationwide blockchain network to serve a range of public services, including telecommunications and energy management.

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