Technology giant Tencent is teaming up with the Chinese government to fight blockchain-related security issues.
The firm's vice president, Bin Ma, announced the formation of the China Blockchain Security Alliance during the China Blockchain Security Forum in Beijing on Thursday, according to a report from ChinaNews, a state-owned media outlet.
The forum, hosted by the government-backed China Technology Market Association, aimed to unite organizations to protect "The healthy development of blockchain industry," according to the news service.
The China Blockchain Security Alliance will be composed of Tencent affiliate Tencent Security, the China Blockchain Application Research Center, CTMA, and more than 20 public and private institutions, ChinaNews reported.
The conference comes as the number of blockchain-related crimes in China has increased.
In April, state-run media outlet Xinhua reported that the police of Xi'an, a city in central China, successfully cracked down a pyramid scheme associated with the blockchain concept.
The online marketing platform involved in this case lured more than 13,000 participants who invested as much as RMB86 million within 17 days after launch.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Tencent, Chinese Officials Partner on Fighting Blockchain Security Risks
Published on Jun 22, 2018
by Coindesk | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.