China will use Blockchain technology for social taxation and issuing electronic invoices.
The nation has been working consistently towards the incorporation of blockchain technology into daily life. The technologies inclusion in China's "Thirteenth Five-Year" National Informatization Plan from 2015 signals the significance they are placing on Blockchain tech.
The government recently announced that it will:
utilize blockchain technology for social taxation and electronic invoice issuance matters
For Blockchain tech, this is a big development. China is one of the world's largest economies by GDP, so this will be a great case study for the implementation of blockchain technology. China's central bank, the People's Bank of China, has developed a prototype of a cryptocurrency. This could be in circulation sometime in the future. This shows China's commitment to the technology and these two initiatives should build on one another.
At the lower level, even individual cities are starting to include pro-blockchain policies, and blockchain R&D teams are being created at different agencies within the Chinese government.
It will be very interesting to see how all of this unfolds.
What does everyone think about China adopting such progressive blockchain inititiatives?
As long as these initiatives truly stick to blockchain principles and foundations and avoid centralized ploy, it will be disruptive (in a good way) and literally create new business models and data-driven players.
Well put
You can tell that China is really emerging as a global powerhouse. Normally these experiments are not possible for poor countries, so this shows they have wealth to experiment and try new things. While the west still does very well, exciting things increasingly come out of Asia first these days.
Absolutely, Japan as well(for trying to include blockchain tech). It's certainly exciting, interesting and new times.
While it is good that the government are embracing blockchain technology, I find it disturbing that they would seek to use it for the purposes of taxation. I guess that was always going to happen.
If anyone was going to try, it would be China
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