Digital Yuan Begins to Be Used in Chinese Pilot Regions for Tax Payment!

• – Many Chinese citizens carry out digital yuan transactions for payment. Especially in the most growing regions of the pilot country, it continues to progress rapidly. For this reason, many situations have begun to emerge regarding its use.
• – According to government bodies in Zhejiang province, digital tax payment solutions have started in Hangzhou, Shaoxing, and Jinhua provinces. This solution includes solutions that include the online transfer of digital yuan for tax payment purposes.

Institutions came together for active research that took place in the past months. In particular, the association research of the Hangzhou branch of the People’s Central Bank of China with the Zheijang Provincial Tax Office of the State Taxation Administration emerged. They started research on the research of the development of digital yuan tax payment as a subject. The institutions that came together for this research are moving forward by making a real-world experiment.

Along with the local tax institutions that have emerged since April, the use of digital CNY by citizens is progressing. In addition, income tax, stamp duty, social security premiums, and paid payments are also allowed. Apart from these situations, the Industrial and Commercial Bank of China has also switched to tax payment research among state-run banks such as the Communication Bank and the China Construction Bank.

• – According to the officials of the Zhejiang Provincial Tax Bureau, it was also stated that the digital yuan is a new payment method that will not replace this remittance system in cash and bank transfers. According to the explanations on this subject, it has been seen that it will be an effective addition to tax payment channels. According to the official, it is also stated that digital CNY will provide good support in online tax transactions. Thanks to this payment method, remote tax payment approval will be provided more quickly.
• – Following the next steps according to PboC partners, authorities also claim to have an important role in calculating the token’s tax deductions and other tax-related activities.

It is also among the predictions that Hangzhou will host the September games that will take place this year. In this event, the symbol of the PboC will be placed according to the city, sports, and other venues that host their events.

• – An international showcase is also being prepared for this symbol. As of April 26, FJSEN announced that the digital CNY is used as a payment option for the toll highway stations in Fuqing, with the start of operation in its new pilot areas.
• – Thus, it will be possible to pay tolls offline or online in many service areas, together with digital yuan payments. China National Radio announced that it accepts payments from customers in supermarkets and stores in these regions, including Guangzhou Friendship Store and IKEA, with tokens issued by PboC. With the use of the digital yuan in many regions, the spread continues to take place.