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Edited by qqqpeter at 2019-11-3 21:29

Blocktempo.com reported that China is catching up in the field of blockchain technology, not only in technology and commercial applications but also in the regulatory issues that make the blockchain industry more confusing. China has also continued to break through precedents. The result is a cohesive force that has been twisted into a rope. As a result, China has gradually mastered the global right to speak, and may also be the first to become a leader in the development of blockchains.

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According to the Chinese official media "Global Times" on 29th Oct reported that the parent company of the social media software WeChat, China's Internet giant Tencent has obtained the approval of the Chinese tax regulatory authorities, will lead a blockchain-based The invoice system, and the goal is to establish a global standard.

Tencent originally launched a blockchain invoice program for anti-tax fraud in Shenzhen last year. Trying to implement commercial applications of blockchain technology, streamline tax processes and make data more open and transparent. As of August 10 this year, more than 5,300 companies in China have registered to use blockchain invoices, and more than 6 million have been issued so far.

Now, with the approval of the State Administration of Taxation, Tencent, China Information and Communication Research Institute and Shenzhen Local Taxation Bureau will also jointly draft a draft global standard. At a meeting of the International Telecommunication Union Telecommunication Standardization Sector (ITU-T International), The unified standard for invoices based on Decentralized Ledger Technology (DLT) is also widely supported by representatives from various national tax bureaus including the UK, Switzerland, and Brazil.

National regulators agree that blockchain invoices will become one of the important infrastructures for the future digital economy.

While being internationally recognized, it also highlights China's strength and progress in blockchain technology, or it will become an important base for promoting global exchanges.

Li Ming, director of the blockchain research department at the China Electronics Standardization Institute
, said that the standard-setting initiatives demonstrate the importance of blockchain commercial applications,

This project marks China's commercial application and market activities in blockchain technology. Electronic invoicing is a suitable field for blockchain applications and experiments, which in turn will facilitate the development of technology.

China's blockchain boom is still boiling. China's leader, Xi Jinping called for the 18th collective study of the Chinese Communist Party on the 24th Oct, and will regard the blockchain as an important breakthrough for core technology and independent innovation. When the news came out, blockchain learning suddenly became a national movement, and many government plans For example, digital renminbi (digital china yuan, DCEP), financial technology certification system, and more than 500 corporate blockchain filings have sprung up.
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