China To Use Blockchain Technology For Tax & Invoices

China To Use Blockchain Technology For Tax & Invoices

The Chinese government announced its plans to use blockchain technology for taxation and invoice issuance.The statement was published in a local r

Legends Room – The First Cabaret Club Using Blockchain
Japan`s Largest Bank Is Testing Digitized Checks In Singapore
Instant International Transfers Are Now Possible On The Ripple Blockchain

The Chinese government announced its plans to use blockchain technology for taxation and invoice issuance.

The statement was published in a local report and quoted by futurism.com, coinfoc.info and cryptocoinnews.com.

The Chinese government has also reportedly announced that blockchain technology is listed in its “Thirteenth Five-Year” National Informatization Plan from 2015.

As the blockchain technology was added to the plan, it may mean that the government thinks of it as an important area of innovation.

The Chinese economy is the world`s largest with a 2016 GDP of over RMB 70 trillion (approximately USD $10.4 trillion). It is interesting to see how the country will apply blockchain technologies to various use cases in different industries.

As MIT Technology Review (technologyreview.com) reported in June, China`s central bank, the People`s Bank of China tested its own cryptocurrency that would supposedly have the same legal status as a banknone, lowering the cost of financial transactions.

Several local governments have recently taken a pro-blockchain stance. For example, the Chinese electric car manufacturer Wanxiang said it would take part in a  smart cities initiative that uses blockchain technology. The initiative is reportedly promoting innovative technologies like smart cars.

The company will purchase land and bring its own blockchain resources, while helping enterpreneurs whose work aligns with their business` objectives, as futurism.com wrote at the time.

China will continue to research the potential applications of blockchain technology in different industry sectors. It remains to be see what are the potential challenges and benefits that are expected to follow.

COMMENTS