After first saying the challenge final 12 months, Chinese language tech big Tencent has been given the go-ahead by the nation’s tax officers to create blockchain-based bill requirements.

The invoices shall be created as a part of a challenge referred to as  “Common Framework of DLT-Primarily based Invoices,” which can be being supported by a number of different nations together with the UK, Switzerland, Sweden, and Brazil, Global Times reports.

Tencent shall be working with the China Academy of Data and Communications Know-how, and the taxation bureau in Shenzhen (in South China‘s Guangdong Province) to launch the novel invoicing system.

“The challenge exhibits China‘s trade and market exercise in blockchain tech utility,” Li Ming, director of the Blockchain Analysis Division on the China Electronics Standardization Institute, informed the World Instances.

“E-invoicing is an acceptable discipline for blockchain utility probes and trials, which might, in flip, promote tech growth,” Li stated.

By leveraging blockchain know-how, China will search to counteract fake receipts, that are sometimes bought from specialised sellers trying to make a fast buck.

The information comes after Chinese language President Xi Jinping’s expressed his need to enhance the event of blockchain know-how final week, inflicting a ripple of pleasure throughout the nation.

Earlier this month, Ikea Iceland made headlines after it used Ethereum to settle an bill with an area retailer, accepting cost in blockchainified digital money.

Revealed October 29, 2019 — 15:53 UTC

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