Guangdong province has launched a new initiative to facilitate the use of the Chinese central bank digital currency (CBDC) – also referred to as the digital renminbi, for the purpose tax payments.
China Securities Journal reports that the Guangdong province tax administration recently teamed up with the Guangdong province branch of Industrial and Commercial Bank of China (ICBC) to launch a new “Digital Currency + Tax Collection” (数币+税收) services model.
On 25 November, the Guangdong tax administration and ICBC successfully completed the first digital renminbi tax payment via the use of electronic channels.
According to the Guangdong tax administration, it has already completed the development of multiple channels to support business institutions in using their digital renminbi wallets to make tax and fee payments, hailing the development as a “new breakthrough” in the use of the Chinese CBDC.
