Tencent, Chinese Officials Partner to Fight Blockchain Crime

Tencent, a technology firm is collaborating with the Chinese government to battle blockchain-related security issues.

The company’s VP, Bin Ma, declared the development of the China Blockchain Security Alliance during the China Blockchain Security Forum in Beijing on Thursday, as indicated by a report from ChinaNews, a state-claimed media outlet.

The discussion, facilitated by the legislature sponsored China Technology Market Association (CTMA), meant to join associations to ensure “the healthy development of blockchain industry,” as per the news benefit.

The China Blockchain Security Alliance will be made out of Tencent member Tencent Security, the China Blockchain Application Research Center, CTMA, and in excess of 20 open and private foundations, ChinaNews revealed.

The gathering comes as the quantity of blockchain-related wrongdoings in China has expanded.

In April, state-run media outlet Xinhua announced that the police of Xi’an, a city in focal China, effectively broke down a fraudulent business model related with the blockchain idea.

The internet advertising stage associated with this case attracted in excess of 13,000 members who contributed as much as RMB86 million (going to $13 million) inside 17 days after dispatch.