Tencent Takes Charge in Crafting International Standards For Blockchain Invoices

Chinese Internet mogul Tencent, owner of WeChat, gets greenlight from China's tax officials to draft new blockchain invoice standards for International use.

The Chinese giant Tencent has recently been allowed by Chinese tax officials to move forward with a process to draft the new international standards for blockchain-based invoices. According to the reports from local media outlets, the project was backed by several other countries, too. Brazil, the United Kingdom, Sweden and Switzerland are a part of that list.

Reports indicate that this new initiative was born from an anti-fraud operation that happened in Shenzhen. Now, the company is using the work that was done in this operation as the basis for the new project. The idea is that blockchain-based invoices can be cheap to use and share and that their decentralization will permit more security.

The director of blockchain research at the China Electronics Standardization Institute, Li Ming, affirmed that now it is the time to show to the world what can be done with the power of the blockchain network. According to him, e-invoicing could be considerably upgraded with the blockchain, as it is one of the fields that could be revolutionized by technology.

This new announcement comes just after one that has shown how China is trying to embrace the crypto world. Recently, the country’s president Xi Jinping has affirmed that the country will begin to invest a lot in the blockchain technology, as it has several use cases.

Related to this, the People’s Bank of China, known as the local central bank, has asked commercial banks to investigate applications for the blockchain. Even more surprisingly, the government recently banned people from writing articles affirming that the blockchain is a scam. It seems that the blockchain sentiment in China has changed a lot recently.

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Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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