Tencent blockchain invoice project now backed by China’s tax authorities

Tencent blockchain invoice project now backed by Chinas tax authorities

Tencent blockchain invoice project looks to have a promising future. Tencent, the Chinese internet firm, has been roped in by the state tax authorities in China to create blockchain-focused invoice standards. A report has highlighted how Tencent blockchain invoice project has found support from various countries, including Brazil, Switzerland, the United Kingdom and Sweden besides Chinese tax authorities.

At this year, ITU-T international conference, these countries pledged support to develop such standards that will help global taxation authorities in their invoice processes. The project was originally designed in Shenzen to prevent anti-tax fraud in China. However, the company’s initiative quickly found takers in other government agencies who were looking for technology to achieve regulatory provisions in the blockchain tech.

Tencent blockchain invoice project will lay the foundation for transparency

The China Academy of Information and Communications Technology has partnered with Tencent for this initiative which also features another partner, namely the Shenzhen Taxation Bureau. Blueprints will be created first that will serve as the foundation to create the invoice project targeting commercial blockchain apps.

These invoices will collect, separate, and distribute data related to transactions, especially commercial ones. The parties validated for distribution will receive the information in a concise manner under the Tencent blockchain invoice project. This way the transaction data will be verified on both ends and the resulting invoice will help the taxation authorities to track and process the exchange accordingly.

Blockchain research director at the China Electronics Standardization Institute, Li Ming, said that the invoicing project would reflect the institute’s commitment towards blockchain technology applications and their commercial viability.

He adds that e-invoicing is ideal for the blockchain realm. It could power technological innovations and also lead to more transparent standards. Such developments also promote growth in the crypto arena since more people can trust a standardized operation. This development comes amid a bunch of blockchain-related regulation news emanating from China. Invoices will certainly pave the next step in blockchain adoption and transparency.

Xi-Jinping promotes blockchain development

The communist regime’s president, Xi Jinping, has told his people that blockchain-related development must be promoted on a wide scale. He wishes to implement a holistic approach in the government sector to realize a true blockchain success story. His vision of using blockchain apps in major industries will certainly give the economy a boost.

Additionally, an official of the central bank of China says they are exploring ways for financial banks to implement blockchain for everyday financial apps.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

Bitcoin, Ethereum, Neo, and Mina Daily Price Analyses – 4 December Roundup
Ripple vs SEC Case: Closure coming sooner than expected?
Harmony Price Prediction 2023-2031: Can ONE Rise Soon?
THORChain Price Prediction 2023-2031: Will RUNE Spike Soon?
South Korean judge revokes warrant for Terra co-founder Shin Hyun-seong's arrest

Follow Us

Industry News

Are crypto miners losing faith in Bitcoin? Over 10K BTC dumped
Coin Signals ordered to return funds to victims
Weekly crypto price analysis 4th Dec: BTC, ETH, XRP, BNB, ADA, DOGE
DeFi predictions 2023: How will crypto and blockchain evolve? 
Avalanche partners with Alibaba Cloud to launch new validators

Add Your Heading Text Here