China's PBOC Shanghai Implements Blockchain-Based Cross-Border Tax System
CryptoNewsTerminal Staff12 Sep, 2024
China's PBOC Shanghai Implements Blockchain-Based Cross-Border Tax System
The Shanghai branch of the People's Bank of China (PBOC) and the Shanghai Municipal Tax Bureau have partnered to introduce a blockchain-based system for processing cross-border remittances and tax payments. The system has been in operation since February 2024, and as of August 2024, had facilitated cross-border tax payments totaling 1.486 billion yuan. The system handles transactions in multiple currencies, including RMB, US dollar, euro, and Japanese yen. This blockchain-based system streamlines and enhances the cross-border tax payment process. It increases efficiency, transparency, and security while reducing costs and delays. The implementation of this system aligns with China's ongoing efforts to promote innovation in the financial sector and enhance economic integration.
