Digital Currency takes all in the business?

Reviewing and compile blockchain industry topic, updating market references and research environment.

Today, we are picking up digital currency team for future blockchain technology.

Tencent issued an internal notice informing employees it was searching for someone to head a new cryptocurrency research unit, which will form part of the company’s payments wing.

The new team will look at how to use digital currencies in its payments platform as well as explore other possible business applications. It will also consider how cryptocurrencies could be used within existing and future regulatory regimes.

The digital dollar will be different from the dollar in the bank account, as it will use the same infrastructure as cryptocurrencies. People from developing countries will have direct access to the most important world currency without restrictions in the form of currency control, restrictions on transfers, import and export of currency. It seems logical that this will only strengthen the position of the dollar. However, everything is more complicated.

Reserve Bank of India (RBI) governor Shaktikanta Das said Thursday it’s still too early to talk about the possibility of a central bank-issued digital currency, but that the RBI has looked into it. This comes just days after India announced a radical new blockchain strategy.

RBI stands completely against private digital currencies. “The world over, central banks and the governments are against private digital currency because currency issuance is a sovereign function and it has to be done by the sovereign, Das said.

Korean telco KT Corp announced it was selected as the operating agency for Busan city’s blockchain-based local currency Dongbaekjeon. The digital currency will be officially launched at the end of this month with an annual issue amount of 300 billion won ($258 million).

Users can recharge the Dongbaekjeon card with the Dongbaekjeon mobile app, and at service counters at Hana Bank or Busan Bank. The use of the currency card is restricted to department stores, large markets, supermarkets, and some franchise-owned stores.

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