Tencent Holdings, the Chinese tech giant behind world-renowned battlefield games like Pubg and Call of Duty, has decided to set up a research team to explore the possibilities of digital currencies for its blockchain projects. The firm circulated a notice among the staff members announcing the decision and currently looking to recruit the chief for the research team, <a href="https://www.investing.com/news/stock-market-news/tencent-plans-to-further-tap-into-blockchain-2047615">reported</a> Investing.com.

China's recent push for <a href="https://www.cryptoknowmics.com/crypto/a-comprehensive-guide-for-bitcoin-and-blockchain/">blockchain</a> adoption and a nationwide blockchain network offering a range of services has prompted significant firms in the country to incorporate the emerging tech in their business operations. Tencent is also behind China's default social media application of use WeChat, which already provide a range of services like booking services, payment portals, games and many more. The social media giant has recently partnered with Russia's Alrosa, the world's leading diamond mining firm and blockchain solution provider Everledger. The partnership would offer a diamond retail service to the users.

Tencent also developed a blockchain-based electronic and billing system for the Shenzhen province called WeBank which offers loans to small business and service providers. The tech giant has also become the first technical infrastructure provider for China's nationwide blockchain networking projects.
<h2>China Aims To Connect the Whole Country Through Blockchain</h2>
Chinese President Xi Jinping in October called for accelerated adoption of blockchain which was seen as a push before the launch of the national digital Yuan. The government plans to connect the whole country on a nationwide blockchain network connecting people and public services on the same platform. The government plans to offer a range of services which include telecommunication, energy management and different payment services.

China is known for its authoritarian regime, and the government likes to have control over every aspect. While many thought the plan to launch <a href="https://www.cryptoknowmics.com/crypto/can-cbdc-undermine-the-decentralization/">CBDC</a> was to improve remittance services, but in reality, this would give more power to the state over the flow of money. Even the private firms in the country have a deep-rooted connection with the state because that is the only way they can operate in the country.

Tencent Plans To Explore Digital Currency, Announces Research Team

Tencent is looking to build a digital currency research team which would help the firm to look for possible implementation in blockchain projects

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Tencent Plans To Explore Digital Currency, Announces Research Team

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