Chris Yunker / Flickr
Binance

Chinese tech giant Tencent is teaming up with the Chinese government according to state-owned media outlet ChinaNews.

During the China Blockchain Security Forum in Beijing on Thursday, June 21, Tencent’s Vice President, Ma Bin, announced the formation of the China Blockchain Security Alliance. The forum was hosted by government-backed China Technology Market Association (CTMA) whose aim was to unite organizations to protect “the healthy development of blockchain industry.”

Notably, China’s President Xi Jinping included blockchain technology as an example of new generation of technologies that speed up advancement in “reconstructing the global innovation map and reshaping the global economic structure.”

The new alliance will work to establish a long-term mechanism for the development of China’s blockchain ecosystem, focusing on cracking down on all the fake blockchains, pyramid scheme, and other fraudulent activities.

More: “China Blockchain Security Alliance” Declares War on Blockchain Fraud
Interesting: Researchers Claim Tether’s Price Action Defies Normal Rules of Economics
Photo: Chris Yunker / Flickr
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