Tencent, the parent company for WeChat, is currently forming a new team that will be dedicated to the exploration of new possible use cases for the cryptocurrencies. According to the reports released by the Chinese media, the company issues a notice that informed the employees that it was looking for a suitable someone that could serve as the head for its latest research unit dedicated to cryptocurrency.
This new team shall be dedicated to the exploration of new uses for digital currencies over its existing payments platform while exploring other possible applications in the business world. The team will also take a peek at the possible ways cryptocurrency can be used for future and existing regulatory regimes.
As per reports, the team shall support probable government initiatives. PBOC (People’s Bank of China) considers Tencent to be the prospective issuer who will bring about a revolution in the crypto-world with its very own under-development digital currency named Yuan.
Reports also suggest that the latest unit by Tencent shall work on the development of the government’s digital currency in Shenzhen City. As of now, Tencent hasn’t denied these reports but no confirmation has been acquired as well.