The tax authority of China and the National Financial Regulatory Administration issued a joint notice in which they urgently urged banks and local authorities to incorporate blockchain technology and privacy computing to modernize the bank-tax interaction model. The central objective is to expand financing for small businesses and reduce the information asymmetry between tax authorities, banks, and companies.
The directive requires financial institutions to standardize data sharing, improve their credit models, and increase efficiency in financing approvals for companies with a positive tax record.
The measure is aligned with the plan of China’s economic planning body, which in January 2025 presented a roadmap to implement blockchain-based data infrastructure at a national scale by 2029. On that same occasion, Shen Zhulin, deputy director of the National Data Administration, estimated that such infrastructure could attract annual investments of 400 billion yuan, equivalent to approximately $58 billion.
China continues to maintain the same stance: while it enforces a ban in effect since September 2021 on cryptocurrency transactions and mining, it actively drives the integration of blockchain technology into its financial and data infrastructure as a tool for state modernization.
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.
