The tax authority of China and the Nationwide Monetary Regulatory Administration issued a joint discover during which they urgently urged banks and native authorities to include blockchain expertise and privateness computing to modernize the bank-tax interplay mannequin. The central goal is to develop financing for small companies and scale back the data asymmetry between tax authorities, banks, and corporations.
The directive requires monetary establishments to standardize knowledge sharing, enhance their credit score fashions, and improve effectivity in financing approvals for corporations with a optimistic tax file.
The measure is aligned with the plan of China’s financial planning physique, which in January 2025 offered a roadmap to implement blockchain-based knowledge infrastructure at a nationwide scale by 2029. On that very same event, Shen Zhulin, deputy director of the Nationwide Knowledge Administration, estimated that such infrastructure may appeal to annual investments of 400 billion yuan, equal to roughly $58 billion.
China continues to keep up the identical stance: whereas it enforces a ban in impact since September 2021 on cryptocurrency transactions and mining, it actively drives the mixing of blockchain expertise into its monetary and knowledge infrastructure as a instrument for state modernization.
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