China will use blockchain tech for tax collection and invoicing

China has announced they will utilize blockchain technology for social taxation and electronic invoice issuance matters.

China has already launched a test of its own cryptocurrency based on the technology, so these initiatives should be able to build on each other.

Furthermore, we should also see implementation at the city level in China, as several local and provincial governments have recently promulgated pro-blockchain policies. In fact, a smart cities initiative has already enticed a Chinese automaker to integrate the tech into its business model. Additionally, blockchain-based industrial parks have gone up in Chengdu, Hangzhou, and other major cities, and agencies at different levels of government have created blockchain R and D teams.

Japan and South Korea have also recently announced official acceptance of Bitcoin as legal tender.

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