Tencent Plans To Launch Digital Blockchain Bank

Tencent has announced that it will launch a blockchain-based virtual bank.

The company’s blockchain chief Yige Cai revealed last week that the Hong Kong Securities and Futures Commission (SFC) has approved a new license, and that the company is setting up a team to support the platform.

“Hong Kong’s new regulations and supervision on digital assets transactions validates the importance of blockchain technology and digital assets, which is good news for the whole industry,” Cai said in a speech at the World Blockchain Summit in Wuzhen, China.