HomeBlockchainTencent: China launches project for invoices on the blockchain

Tencent: China launches project for invoices on the blockchain

Tencent Corp has received approval from tax regulators of China for its project dedicated to the world’s first international standard for blockchain-based invoices.

According to reports, the new project is called General Framework of DLT-Based Invoices and is led by Tencent alongside the China Academy of Information and Communications Technology and the Shenzhen tax office.

Not just China: Tencent’s project had previously been supported by other countries such as the UK, Switzerland, Sweden and Brazil during an ITU-T meeting on electronic invoicing standards. 

The countries themselves agree that the new blockchain-based invoices will be an important part of the infrastructure of the new digital economic society

In this regard, Li Ming, director of the blockchain research department of the China Electronics Standardization Institute, said:

“The project shows China’s industry and market activity in blockchain tech application. E-invoicing is an appropriate field for blockchain application [investigations] and trials currently, which could in turn promote tech development”.

In addition, it also seems that as early as this summer, exactly on August 10th, 2019, Tencent had initiated the issuance of more than 6 million electronic invoices on the blockchain, with more than 5300 companies registered in China interested in using them. 

Blockchain: continuous popularity in the Chinese market

The recent revelations by China’s President, Xi Jinping, about the country’s current ambitions to become the new leader in blockchain development seem to have been taken literally, to the extent that in the past week there have been significant movements in the market. 

In fact, it seems that this new interest in blockchain technology has moved the waters among investors who see an increase in the value of shares linked to blockchain companies.

According to reports, it seems that dozens of Chinese companies listed on the A-share market closed on Monday, October 28th, with a daily limit of 10%. 

Some of these include Feitian Technologies Co, which announced the release of blockchain-based secure digital currency storage equipment, and Shunya International Martech Beijing, which announced its specialisation in blockchain for the supply chain, smart ports and food traceability management. 

Furthermore, the statistics from Tencent’s Chinese daughter company, WeChat, also suggest that there is a real explosion of popular interest in bitcoin and blockchain:

Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.