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Shenzhen, an important city in Guangdong province and the first special economic zone in China, will use blockchain technology for electronic tax invoices. This development was reported by the China Economic Net, a national news website that focuses on the economy on December 12th.
The Shenzhen Municipal Taxation Bureau and the Chinese technology giant Tencent have "successfully linked the blockchain system with the WeChat payment platform". The article reports that WeChat, the social media platform managed by Tencent from 1 billion users, has opened its payment platform for the blockchain billing function.
According to the director of the Shenzhen Taxation Bureau Information Center, a blockchain electronic invoice is different from a traditional electronic invoice, as it has "distributed storage, traceability and non-tampering" advantages.
The article highlights that WeChat payment blockchain invoices are the first stop for the electronic blockchain invoice implemented within the mobile payment platform, adding:
"The application of the electronic invoice blockchain to the WeChat payment platform is a substantial exploration made by the Shenzhen Tax Department based on the actual needs of the tax payers to further optimize the corporate environment".
Earlier this autumn, the Shenzhen central sub-branch of the People's Bank of China (PBoC) – the central bank of the country – launched the testing phase of the "Bay Area Trade Finance Blockchain Platform", aimed at providing real-time monitoring of various financial aspects of activities, as Cointelegraph reported on September 4.
Last week, BeiShangGuang – an abbreviation representing the three major Chinese cities of Beijing, Shanghai and Guangzhou – has apparently become the most concentrated area in China in terms of legislation and policy related to the industry blockchain.
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