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.