on the crypto
The Chinese Internet giant Tencent plans to invest heavily in new technologies such as blockchain, within the plan to overcome the effects of the coronavirus epidemic.
Invest in new technologies in post-coronavirus recovery
Creator of the famous WeChat messaging service, Tencent is investing 500 billion yuan ($ 70 billion) in "new infrastructure" based on emerging technologies in the next five years, as reported by Reuters.
In an interview with state media on Tuesday, Dowson Tong, Tencent's executive vice president, confirmed that the company has also allocated investments in areas such as cloud computing, artificial intelligence and cyber security.
It is unclear to what extent Tencent's $ 70 billion investment will be used for research and development on the blockchain, nor has it explained which aspect in particular it will invest in. According to Reuters, the company acknowledged that cloud offerings were affected by the economic slowdown induced by the coronavirus.
As the nation begins its return to normal, "Accelerating the" new infrastructure "strategy will further help to be successful in containing the virus," Tong said in a Guangming Daily report.
The blockchain will be the backbone of all the country's technological services
The news came a month after the Chinese Blockchain Services Network (BSN) was launched for commercial use. Blockchain is a key part of the country's technology strategy and the government hopes that BSN will provide the backbone for services that leverage technology across the country.
China's firm support for DLT is paying off for the nation, believes Haipo Yang, founder and CEO of the Chinese cryptocurrency exchange CoinEx. Recently, he explained that this unequivocal approach has helped create a "good environment for blockchain technology", improving China's qualities as an innovation hub and leading to the emergence of a lively blockchain investment scene.
Great turmoil around DLT technologies in China
Tencent has gradually increased its exposure to the blockchain. Late last year, he launched a billing system based on Distributed Ledger Technology (DLT) and received the go-ahead from the Hong Kong regulator to start working on a blockchain-based virtual bank.
He also became a member of a new national committee to help establish industry standards for blockchain technology, along with many of its competitors. With the blockchain backed and encouraged by the state in China and with a new infrastructure for a whole host of new services - BSN - already implemented, it should come as no surprise that Tencent has opted to potentially pay billions of dollars in investments in emerging technology.
And have you already thought about how to invest in this emerging technology? Do you already have a cryptocurrency wallet and an exchange software to exchange them? Tell us everything you know and want to do in the comments below!
