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Author Topic: [2017-08-07] China to Use the Blockchain to Send Invoices and Collect Taxes  (Read 2868 times)
CryptoBry
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August 07, 2017, 11:40:20 AM
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The Chinese government has announced that it will start to use the blockchain to collect taxes and issue electronic invoices. In 2016, the government revealed that it had listed the distributed ledger in its Thirteenth Five-Year National Informatization Plan.

Since then the country has been working at implementing the blockchain into daily life, reports Futurism, with reports suggesting that China is leading the way with the advancements of the technology.

One of the country’s latest initiatives has seen China’s online-only insurer ZhongAn working on a blockchain platform to track the chicken supply in the country. China has also seen its central bank complete a digital currency trial on the blockchain with its own cryptocurrency. Whereas Australia Post has joined with Alibaba to fight the problem of counterfeit food in China.

With the Chinese economy the world’s largest with a 2016 GDP of over RMB 70 trillion or around US$10.4 trillion, this could future catapult the country forward given the importance China is attaching to it.

Courtesy of www.cryptocoinsnews.com.


This is telling that even if the China government has some apprehensions about Bitcoin, it is actually impressed with the technology behind the cryptocurrency which is the blockchain. Just like Russia, this country and the people manning the government know that the blockchain is a very revolutionary innovation and that it can be applied to any area of its governance and many industries.

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August 07, 2017, 01:42:25 PM
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They were trying to ban it right after the GOX failure, so if they really wanted people to stop using it they would have done it then. If they allowed their exchanges to finction, it means they saw this market can bring them a lot of money in taxes. It's really all about the money, if the exchanges were risky but not lucrative there wouldn't be a reason to keep them running, but since they can be milked, it's all fine. That's how every single government functions.

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August 07, 2017, 02:18:50 PM
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More than bitcoin, the blockchain technology which is behind it, is a revolution. It is one of the hottest and most intriguing technologies currently in the market. Blockchain has the potential to truly disrupt multiple industries and make processes more democratic, secure, transparent, and efficient.

Soon all the industries and governments will include blockchain technology in their system.

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August 07, 2017, 10:36:25 PM
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Bitcoin and blockchain based currencies offer unprecedented level of transparency. It's not surprising that governments in Russia and China looking into integrating them in the system as both countries are famous for amounts of under the table transaction that are noticeable when compared to GDPs of those countries. Countries where economy transparency is not an issue are reluctant yet to make big moves towards blockchain based economies. Bottomline, it's all about money government wants to control compared to what those governments control now.

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