China will use Blockchain technology for social taxation and issuing electronic invoices.
The nation has been working consistently towards the incorporation of blockchain technology into daily life. The technologies inclusion in China's "Thirteenth Five-Year" National Informatization Plan from 2015 signals the significance they are placing on Blockchain tech.
The government recently announced that it will:
utilize blockchain technology for social taxation and electronic invoice issuance matters
For Blockchain tech, this is a big development. China is one of the world's largest economies by GDP, so this will be a great case study for the implementation of blockchain technology. China's central bank, the People's Bank of China, has developed a prototype of a cryptocurrency. This could be in circulation sometime in the future. This shows China's commitment to the technology and these two initiatives should build on one another.
At the lower level, even individual cities are starting to include pro-blockchain policies, and blockchain R&D teams are being created at different agencies within the Chinese government.
It will be very interesting to see how all of this unfolds.
What does everyone think about China adopting such progressive blockchain inititiatives?
