China's tax authority urges banks to implement blockchain for lending services
China’s leading tax and financial authorities are urging banks to incorporate blockchain technology to bolster their credit facilities and data transparency.
China’s tax and financial regulators on Monday urged banks and local authorities to use blockchain and privacy computing to upgrade the “bank-tax interaction” model and expand financing for small businesses.
The State Administration of Taxation and National Financial Regulatory Administration said in a joint policy notice that banks and taxpayers should standardize data sharing and reduce information asymmetry between tax authorities, banks and enterprises.
The report also urged banks to improve credit models, enhance credit approval efficiency and increase the supply of financing services to “honest, tax-paying enterprises.”
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