China added the ability to pay taxes using the digital yuan
According to the local media, the payment process is “no different from Alipay or WeChat Pay”
27.04.2022 - 11:25
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According to the local media, the payment process is “no different from Alipay or WeChat Pay.”
What’s new? Six Chinese cities in Zhejiang province have begun to test paying taxes using the digital yuan. According to a report by the local news agency China News, residents in the province can pay income tax, property tax and make social security contributions through e-CNY. In addition, the government has connected 72 toll road collection points to the test program, which have already started accepting the digital yuan. According to China News, the payment process is “no different from Alipay or WeChat Pay.”
What had happened before? In early April, China launched the second phase of testing the e-CNY. The government expanded the list of cities that participate in the program. The digital yuan became available in the cities of Tianjin, Xiamen, and Chongqing, as well as the provinces of Guangdong, Fujian, and Zhejiang.
The authorities noted that the first phase of testing, which took place at the Winter Olympics, was successful. On the opening day of the Games, the digital yuan surpassed Visa in the number of transactions.
What is the digital yuan? China’s central bank digital currency, the digital yuan or e-CNY, began testing in Shenzhen in October 2020. By the end of 2021, the total volume of transactions with the Chinese digital currency reached $11,24 billion.
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