China's Tax Authority Urges Bank Blockchain Implementations for Lending
China's tax and financial authorities are pushing banks to use blockchain for better lending and data transparency.Summary
China's State Administration of Taxation and National Financial Regulatory Administration have jointly issued a policy notice urging banks and local authorities to adopt blockchain and privacy computing. This initiative aims to enhance the "bank-tax interaction" model, expand financing for small businesses, standardize data sharing, and reduce information asymmetry. The directive aligns with China's broader strategy to integrate blockchain into its data infrastructure, with a national roadmap targeting widespread implementation by 2029. This push for blockchain in finance and data infrastructure, despite strict controls on cryptocurrencies, follows President Xi Jinping's earlier emphasis on the technology as a key area for innovation.
(Source：Cointelegraph)