Tencent, the owner of WeChat, has announced the opening of a new platform for digital yuan smart contracts for business credit solutions.
The new platform intends to provide small and medium-sized businesses with a finance option that is more practical and effective. The project will employ the digital yuan as a payment method for businesses using the new platform.
The new approach will use the Tencent Blockchain platform, a scalable blockchain infrastructure that supports a range of scenarios and applications.
The enterprise credit system, the wallet, and the smart contract engine will all be combined in the new project. One of the biggest Chinese corporations, Tencent, is strongly interested in creating and implementing it, China’s central bank’s virtual currency (CBDC).
Tencent has been identified as a key role in implementing the as the owner of WeChat, China’s most popular internet program. Tencent stated its plans to establish a digital currency research team in December 2019 in order to navigate the rapidly changing digital currency and blockchain landscape.
The business is focused on comprehending the complexities of managing services for blockchain-enabled money and helping the People’s Bank of China (PBoC) implement the digital yuan in the best possible way. Mobile payment services like Tencent and Alibaba’s WeChat Pay and Alipay are crucial to China’s retail financial system.
