Beijing Taxation Bureau Starts Using Blockchain for Invoices
Main page News, Fintech, Tech, China, Taxation, Blockchain

Beijing Municipal Tax Service announced it has started using blockchain technology in order to reduce the taxpayer's operating costs and save social resources.

According to an official press release, the bureau intends to achieve unique transparency and traceability by creating invoices on the blockchain network.

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Beijing's tax office will gradually promote blockchain billing services throughout the city. At present, some taxpayers' parking general invoices and attractions park tickets have been selected for promotion, and taxpayers from other industries will be included in the pilot scope of blockchain electronic ordinary invoices in due course, the regulator says.

Meanwhile, the People's Bank of China decided to delay the research of the digital yuan, scheduled for the first quarter of 2020.

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Last year iHodl reported that the Beijing Police Bureau started investigating the Chinese cryptocurrency mining firm called Ebang.

The plaintiff reportedly signed several contracts with the mining firm to buy 90,000-100,000 cloud servers valued at 504 million Chinese yuans. However, the plaintiff claims the firm only provided 65,000 units from Ebang's Zhejiang branch, while the Yunnan branch did not deliver the agreed devices.

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