Chinese City Unveils Blockchain Receipt Initiative by Cryptovest

The city of Shenzhen in China is set to launch a new form of ‘fapiao,’ a legally recognized receipt utilized for tax purposes. This innovative receipt will be available in digital format, specifically as a blockchain receipt, according to reports.

With this initiative, Shenzhen becomes the first city in the country to pilot blockchain electronic invoices. The new electronic invoice has been named “Implementation of Blockchain Receipts by Shenzhen Municipal Tax Bureau and State Administration of Taxation.”

The report highlights that:

“The blockchain electronic invoices introduced by the Shenzhen Municipal Taxation Bureau and Tencent provide the underlying technology and capabilities. They represent the first applications of a ‘blockchain invoice’ ecosystem research that has received approval and recognition from the State Administration of Taxation.”