Chinese City Announces Blockchain Receipt

The Chinese city of Shenzhen is introducing a new ‘fapiao,’ a legally accepted receipt used for tax purposes. The new fapiao unveiled by the municipality is in digital form, or more specifically a blockchain receipt, reports EEO.

The move makes the southern city of Shenzhen the first pilot city for blockchain electronic invoices nationwide. The new electronic invoice is aptly called Implementation of Blockchain Receipts by Shenzhen Municipal Tax Bureau and State Administration of Taxation.

The report writes:

“The blockchain electronic invoices introduced by the Shenzhen Municipal Taxation Bureau and Tencent provide the underlying technology and capabilities are the first ‘blockchain invoice’ ecosystem application research results nationwide, which has been approved and recognized by the State Administration of Taxation.”

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