Shenzhen tax authorities announced the release of more than 10 million accounts on the blockchain. This is reported by local media.
Representatives of the tax department noted that a blockchain based electronic settlement system is also actively advancing in the city. Shenzhen’s invoice system was developed by the Chinese Internet giant Tencent, the creator of the WeChat platform.
According to the tax agency, more than 7,600 companies have already used the electronic billing system, paying more than 7 billion yuan (about $ 995 million). The new system is already being applied in the areas of finance, insurance, retail, hotel catering and parking.
Earlier, Chinese President Xi Jinping called on the Communist Party to strongly support any innovative ideas in this area.
In turn, the Communist Party launched a propaganda blockchain application called Lian Shang Chuxin to monitor loyalty to government policies.
Now in China there are more than 700 companies operating in the blockchain sphere. Eighty-three of the seven hundred blockchain firms in China are institutes focusing on research, and thirty four are banks. In addition, in the first half of 2019, China issued 12 different documents regulating the scope of the blockchain, including a bill from the Chinese Cyberspace Administration.