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China Will Use Blockchain To Collect Taxes

• shtfplan.com by Mac Slavo

China has just announced that it will use blockchain technology for social taxation and the issuing of electronic invoices.

The government's announcement that it "will utilize blockchain technology for social taxation and electronic invoice issuance matters," has been met with silence from the mainstream media. China has already launched a test of its own cryptocurrency based on the technology, so these initiatives should be able to build on each other.  This will also be a large-scale test of a government's ability to collect taxes more efficiently, considering China has the biggest economy on earth.

Moving forward, experts claim that we will all see more and more innovative uses of blockchain technology as its potential is more fully realized. Transparency and security are both absolute essentials in a digital age, and China appears to be recognizing that need and putting this powerful tech to use through policy, enforcing theft through taxation.  But it's unclear as of yet, just when China will begin using Blockchain to tax. Blockchain technology has been proposed for use in elections already due to its potential for both transparency and security. It's these features that make it appealing for taxation as well.

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