Chinese Internet Giant Tencent to Launch Digital Currency Research Team

Tencent, the Chinese internet giant and owner of WeChat, is reportedly forming a team to explore possible new use cases for cryptocurrencies.

According to reports by Chinese media, Tencent issued an internal notice informing employees it was searching for someone to head a new cryptocurrency research unit, which will form part of the company’s payments wing.

The new team will look at how to use digital currencies in its payments platform as well as explore other possible business applications. It will also consider how cryptocurrencies could be used within existing and future regulatory regimes.

The research team will reportedly support government initiatives in the area. The People’s Bank of China (PBOC) is said to view Tencent as a prospective issuer for the digital yuan under development, according to reports in Quartz and CNBC. Reports suggest the new Tencent unit will work on developing the government’s pilot digital currency plan in the city of Shenzhen.

Tencent has not denied…