Chinese citizens now have the opportunity to pay taxes in the CBDC
The Chinese authorities have introduced the ability to pay taxes and other contributions with digital yuan in 3 local cities. This initiative is being implemented as part of the expansion of the CBDC usage area to Guangzhou, Tianjin and Chongqing.
This pilot project was launched recently by the Tax Administration in cooperation with the Central Bank of China. Within its framework, it is planned to study different ways of paying tax fees for individuals and legal entities.
This initiative is the next step towards practical testing of the possibilities of using the Chinese national cryptocurrency. A big event lies ahead - the Asian Games, which will be held in Hangzhou in September.
If the pilot project demonstrates successful results, local businesses will benefit from it. Companies that profit from tourism will be able to pay taxes in cryptocurrency.
Recall that testing of the digital yuan began a year ago, in April 2021. By the end of the year, the transaction volume in CBDC reached 13.25 billion yuan. The cryptocurrency was also used during the Beijing Olympics in February 2022.
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