China government has recently announced its plan to include blockchain use for tax collection and to issue electronic invoices. The government revealed the idea to add the blockchain in ‘Thirteenth Five-year National Informatization Plan’ in 2016.
The country was ever-since has been working towards the implementation and inclusion of blockchain into the daily lives. The central bank of China has recently completed a trial of digital currency using blockchain technology with its own cryptocurrencies.
With the largest economy in the world of GDP of over 70 trillion (approximately US$10.4 trillion), as reported in 2016, the country can leap forward towards advancement provided China is considering it important. As per the Chinese officials, there has been active research on the application of the distributed ledger in fiscal and taxation sector.
The government in joint efforts from Shenzhen Zhanhe Technology Investment Co. will carry out research and development based on the government chain of fiscal and tax applications.