- Chinese authorities have recommended that banks and municipalities use the technology. Block for lending and secure data exchange.
- According to officials, the new Block-infrastructure will help attract large-scale investments.
The Chinese government has called on banks and local authorities to implement the technology. Block for lending and secure data exchange. In this way, the authorities aim to increase the transparency, efficiency, and security of financial data exchange.
The State Tax Administration and the National Financial Conduct Authority have issued such recommendations. firing Joint recommendations “Further deepening and standardization of interaction between banks and the tax service.”
The document recommends that tax authorities and banks use Block, private computing, and other technologies to improve data exchange in accordance with legal requirements. The goal of the initiative is to improve the quality of credit services, especially for small and medium-sized businesses.
Secure exchange of tamper-proof tax data on BlockThe platform will allow banks to gain a clearer picture of a company’s financial health and its ability to repay loans in real time. Furthermore, according to officials, the new Block-The infrastructure will help attract large-scale investment and improve the exchange of reliable data throughout the country.
For the first time, the need to create a national power network in China has been discussed. stated in July 2024. At that time, they recognized that secure tools such as BlockRegulators plan to complete the infrastructure by 2029.
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