The leading telecom company – Tencent – has reportedly announced a cooperation with Chinese authorities in the sphere of blockchain security in the country.
According to the news reports, the vice president of Tencent proclaimed at the China Blockchain Security Forum a creation of the China Blockchain Security Alliance. The new team will reportedly deal with security issues while using blockchain technology.
The blockchain forum took place in Beijing this Thursday and was organized by China Technology Market Association. The event was aimed "to unite organizations to protect the healthy development of blockchain industry," the report reads.
The new Alliance is said to consist of Tencent's Tencent Security, the China Blockchain Application Research Center, CTMA, and more than 20 public and private institutions.
The decision on setting up a new security body is related to the fact that blockchain-related crimes have been expanding in China respectively.
Specifically, this April the police in Xi'an city caught the organizers of the scam which mentioned blockchain in their ads. As a result, the platform attracted more than 13,000 investors which invested $13 million into the project.