Chinese Internet Giant Tencent Is Reportedly Planning to Launch a Digital Currency Research Group

Tencent, which operates the popular Chinese social media app WeChat, is reportedly planning to establish a digital currency research division in order to support the ongoing development and advancement of blockchain or distributed ledger technology (DLT) initiatives.

Chinese media outlet iFeng revealed on December 23 that Tencent had told its employees that the firm is currently looking to appoint a new head of the digital currency research group.

Tencent’s research division will focus on the firm’s further advancement in the online payments industry by leveraging DLT.

Tencent recently teamed up with Russia-based Alrosa, the largest diamond mining firm in the world, and blockchain platform developer Everledger, in order to introduce a new diamond-focused retail mini-program, which will be marketed to WeChat’s one billion active daily users.

The initiative aims to enhance transparency and build consumer trust across the diamond supply chain. The three companies plan to work cooperatively in order to help social media users confidently buy diamonds by providing them with accurate information regarding their origin, their main characteristics and also a detailed history of their ownership.

In November 2017, Shenzhen’s tax authorities revealed that more than 10 million blockchain-enabled invoices had been created by the city and that it will be encouraging blockchain-based electronic billing. Shenzhen’s blockchain-powered invoice platform has been designed by Tencent.

More than 7,600 firms have used the blockchain-enabled invoice software. The DLT-powered invoice system has reportedly been used in local finance, insurance, retail, hotel catering, and parking services.

The Shenzhen Municipal Taxation Bureau confirmed that the average daily issuance of the invoice is around 44,000. The total value of the invoices has now exceeded to 3.9 billion CNY (appr. $553 million).

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