Blockchain network and payment systems have gained immense popularity in China. In fact, the Chinese government has come up with WeChat payment platform which will facilitate blockchain invoice function for the small and medium-sized micro-enterprise. It has been done by the State Administration of Taxation Shenzhen Municipal Taxation Bureau and Tencent Co. The Zhi Tax Lab as they have successfully linked the blockchain enabled invoice system with WeChat.
WeChat payment invoices have made the entire process simple and user-friendly as there is no need for the vendors to visit tax bureaus for purchasing invoices. The system is now very efficient as it solves the problem of insufficient tickets and slow invoicing. When the consumers make a payment with WeChat it is paid directly in the payment notification interface
Director of the Information Center of Shenzhen Taxation Bureau Li Ronghui stated that blockchain electronic invoice is completely different from what the traditional electronic invoice is. With a blockchain network, there is an added advantage of traceability, immutability and distributed storage which is achieved by encryption processing. He further added that the prime advantage of WeChat blockchain invoicing is that the tax authorities can trim down the limitations on the application allowing the taxpayers to link data directly and exempt from invoices, as mentioned by CE CN.
The application of blockchain-enabled invoicing system is a substantial exploration of Shenzhen tax department which is going to alleviate the burden of SME’s to a large extent.
China Catching Up With Blockchain Trends
According to South China Morning Post, Chinese entrepreneurs have been in a complete sync with the blockchain revolution ever since it began. The Sichun province is filled will crypto and blockchain enthusiasts and it is estimated that 70 percent of all of China’s cryptocurrency mining is done from that single province. The blockchain network and operations are catching up really fast in the Chinese market as there is full support from the government as well.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]