International Blockchain-Based Invoice Standards to be Drafted by Tencent
- The U.K., Switzerland, Sweden and Brazi all gave their support to Tencent’s “General Framework of DLT-Based Invoices” project.
- The internet giant will be assisted by China’s Academy of Information and Communications Technology and the Shenzhen Taxation Bureau.
The Chinese government has decided that the internet giant Tencent Corp will be the one to lead the drafting of the first international standard for blockchain-based invoices, the Global Times reported on 29 October.
According to the report, Tencent’s blockchain invoice project was not only backed by China’s taxation regulators, but also received support from multiple countries.
During the ITU-T international meeting on e-voice standards this Tuesday, the U.K., Switzerland, Sweden and Brazil gave their support for the so called “General Framework of DLT-Based Invoices” project.
For the initial drafts of the standards effort the internet giant will receive help from The China Academy of Information and Communications Technology and the Shenzhen Taxation Bureau.
According to the director of blockchain research at the China Electronics Standardization Institute, Li Ming, the decision to develop standards shows how important business applications for blockchain technology is.
He said:
“The project shows China’s industry and market activity in blockchain tech application. E-invoicing is an appropriate field for blockchain application probes and trials currently, which could in turn promote tech development.”
China continues to be proactive when it comes to blockchain technology adoption. The country’s President, Xi Jungping, has already expressed his positive attitude towards blockchain, and said that the country needs to accelerate its adoption of the technology.
The country is already developing its own form of Central Bank Digital Currency (CBDC), and has gone as far as to pass a new cryptography law, which will set standards for the application of cryptography in the country.
- The head of China’s central bank digital currency institute said the e-CNY has undergone a major upgrade, and should be made available as an option in all retail scenarios.
- The PBOC official noted that platforms can integrate the CBDC in the short term using QR codes, and focus on upgrading their payment tools in the long run.
Office building of the People’s Bank of China. Flickr
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- The CEO’s sister moved the project’s remaining funds to wallets under her control on 9 July, and several days later was also detained by the police, leaving the team with no funds.
- A new 13-count superseding indictment has accused Sam Bankman Fried of bribing one or more Chinese officials in order to unfreeze accounts connected to Alameda.
- In early 2021, Chinese authorities froze certain Alameda accounts on two of China’s largest crypto exchanges”, which reportedly held more than $1 billion worth of crypto assets.