Beijing Implementing Blockchain Invoicing to Increase Transparency
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Beijing Implementing Blockchain Invoicing to Increase Transparency

March 4, 2020      Richard M Adrian

China’s capital is aiming at bringing transparency, immutability and traceability of governance through blockchain invoicing. The tax bureau of Beijing said it would begin implementing the system around the city this March.  In the announcement, authorities said:

To reduce taxpayers operating costs, save social resources, increase consumer convenience for saving invoices and build a healthy and fair tax environment […]The tax bureau of Beijing has decided to pilot the application of blockchain electronic general invoice”

The invoice will have several specific features that will help process up to 12 digit figures. In addition to an 8 digit numbering slot for the invoice. Moreover, the tax bureau is also motivating consumer behaviour towards checking the authenticity of invoices and verifying their details.

You May Also Read: China Confirms It Doesn’t Want Blockchain For All Payments

READ  China Issues Blockchain-based Bonds Worth $2.8 Billion

Beijing Tax Bureau Website will Help in Verification

This initiative will be possible through the bureau’s official website and another authorized site of Ruihong. The announcement said:

The information recorded in the electronic common invoices shall be consistent with the results obtained on the website […] Consumers have the right to reject electronic invoices with inconsistent results..”

Meanwhile, the Beijing tax bureau is planning to execute its invoicing blockchain and promote it throughout the capital. In fact, the bureau will grant general invoices for tickets and parking in scenic parking lots, parks and spots. Nonetheless, the pilot project will widen its scope with time and later accommodate more industries.

Shenzhen Leads with Blockchain-based Invoices

It is interesting to note that Beijing is the world’s first city to implement a blockchain initiative. A previous blockchain report previously outlined that Shenzhen had processed over 10 million blockchain invoices by the end of 2019.

Shenzhen is the leading tech capital in China and over 7,600 corporations are using blockchain. The system has processed over $7 billion yuan ( approximately $955) on the system.

Articles That Might Interest You:

READ  G7 Agrees on Crypto Action Plan Spurred by Facebook’s Libra
#Beijing invoice #Blockchain News
Richard M Adrian
Richard M Adrian

Blockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.