Tencent Says Libra Would Pose Serious Threat to Alipay, WeChat Pay
Chinese internet giant and parent of WeChat, Tencent said Libra would pose serious risks to current digital payment systems in the country.
PBOC wants to distinguish its own digital currency from rival private initiatives.
WeBank has become the first technical infrastructure provider for China’s blockchain network.
Tencent, the Chinese internet giant and owner of WeChat, is reportedly forming a team to explore possible new use cases for cryptocurrencies.
Tencent received the green light from the Hong Kong Securities and Futures Commission to build a blockchain-based virtual bank.
The internet giant, which has been working on blockchain-based invoices for some time, will lead the development of new standards.