Tencent’s WeBank to Provide Infrastructure for China’s National Blockchain Consortium
WeBank has become the first technical infrastructure provider for China’s blockchain network.
Now three Tencent-backed companies are setting themselves up to become early-stage testers for China’s digital yuan initiative.
The web giant is earmarking funding for emerging technologies as it seeks to grow after the COVID-19 epidemic.
"In China, the recovery is happening now and very fast,” said Travala.com CEO Juan Otero.
Tencent, the Chinese internet giant and owner of WeChat, is reportedly forming a team to explore possible new use cases for cryptocurrencies.
PBOC wants to distinguish its own digital currency from rival private initiatives.