China Applies Blockchain Invoicing in Beijing for More Transparency

China Applies Blockchain Invoicing in Beijing for More Transparency

Beijing’s tax bureau has officially announced that it will begin implementing blockchain invoicing within the city.

Beijing Seeks Transparency to Taxpayers Via Blockchain Invoicing

With the use of blockchain invoicing, Beijing aims to bring the unique transparency, traceability and immutability of blockchain to its future governance. The official announcement declared:

“To reduce taxpayers operating costs, save social resources, increase consumer convenience for saving invoices and build a healthy and fair tax environment […]The tax bureau of Beijing has decided to pilot the application of blockchain electronic general invoice.”

The Beijing blockchain invoice has specific features, the announcement states. The invoice code contains 12 digits, and the invoice number has a total of 8 digits.

The Beijing tax office encourages consumers to take the initiative to verify invoice authenticity by checking the invoice information on its official website or on the authorized Ruihong website. It had said this:

“The information recorded in the electronic common invoices shall be consistent with the results obtained on the website […] Consumers have the right to reject electronic invoices with inconsistent results, and can call the tax service hotline 12366 of the Beijing tax bureau to report.”

The Beijing tax office will progressively carry out the promotion of the blockchain invoicing service throughout the city. It will issue, for now, general parking invoices and tickets for scenic spots and parks. Other industries will later be listed in the pilot scope.

It is worth noting that, as of the end of last year, more than 10 million blockchain-based invoices had been issued in Chinese tech capital Shenzhen.

The blockchain system was used by over 7,600 companies in Shenzhen. The system has conducted a total value of over 7 billion yuan (nearly $995 million) invoice.

Furthermore, Cryptolydian reported earlier that Major Crypto Payment Firm Bitpay Allows Payment via Bitcoin Wallet

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