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Beijing Introduces Blockchain Invoice Amidst Coronavirus Crisis

Beijing’s Tax office has announced that it will be implementing blockchain invoicing for payment within the city.

This was announced in a press release. This will help reduce taxpayer’s operating cost while also saving social resources.

Beijing’s tax office will slowly advance blockchain billing services all through the city. At present, a few citizens’ parking lot tickets invoice and attractions park tickets have been chosen for initial promotion. Citizens from different walks of life will be used to pilot the launch of the blockchain electronic invoices at the appropriate time, the regulator said.

The invoicing framework utilizes 12 digits in the receipt code and eight digits altogether in the receipt number. Notwithstanding, the authority urged buyers to confirm the validity of the invoices by cross-checking the data with that on the Beijing tax office site. The individuals who notice inconsistencies in their invoices can dismiss them and report to the tax office. The press release mentioned that,

“The information recorded in the common electronic invoices must be consistent with the results obtained on the website […] Consumers have the right to reject electronic invoices whose results are inconsistent, and can call the helpline 12366 (Beijing tax office) to report. “

As the country continues to grapple with health dangers as powerful as Coronavirus, Public services and businesses are slowly resuming back to business. With this, authorities hope that the blockchain-based system can simplify invoice issuance. With this, they hope to solve the paper shortage problem that occurred due to the spread of the virus.

Beijing is not the first to use blockchain invoices.

In June 2018, the first blockchain invoice was issued in the southern city of Guangzhou

A year ago, in excess of 10 million blockchain invoices had been given in Shenzhen. In excess of 7,600 companies in Shenzhen have utilized the blockchain framework. The framework has handled an all out estimation of in excess of seven billion-yuan (almost $ 995 million) invoices. The Shenzhen chain charging system(Shenzhen Speed) was created by Tencent, the web giant behind the online networking and chatting app, WeChat.

A version of the Blockchain invoice was launched, earlier this week, on a platform by the Shenzhen Tax Bureau, jointly with Tencent Blockchain and WeChat Pay.

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