Beijing introduces blockchain invoicing

In order to improve tax transparency, the city willa blockchain billing system has been launched.

The announcement of the tax service states that the use of blockchain will also reduce the cost of operations and facilitate the process for taxpayers.

The system will work with special invoices.MPD and ordinary MPD invoices, as well as with unified invoices for the sale of cars. The account will consist of 12 digits and the attached invoice number, consisting of 8 digits.

Employees advised taxpayers to verify the accuracy of invoices using a special tool on the official website.

The blockchain system will be integrated gradually. Initially, the authorities plan to launch a pilot project, during which citizens will receive digital parking tickets. Subsequently, the developers will introduce blockchain in other sectors of the economy.

As previously reported, as of November 12019, the Shenzhen tax office reported the release of more than 10 million invoices on the blockchain. The Shenzhen invoice system was developed by the Chinese Internet giant Tencent – creator of the WeChat platform.

Recall that this month the People's Bank of China(NBK) received $4.7 million in funding from the Chinese government. The funds will be distributed over three years and will be used for the development and development of the bank’s own financial blockchain platform. 

Based on materialsthepaypers.com