A company based in Chongqing is the first to pay taxes in digital yuan
The introduction of the digital yuan to the Chinese economy gave the citizens of the nation a new opportunity and a new payment system to work with. According to the official statement from the government, a firm based located in Jiulongpo District, Chongqing City, became the first taxpayer in the nation to use the digital renminbi to pay taxes.
Chongqing firm pays taxes using digital yuan
Dekor Decoration Materials Co., Ltd., a firm that sells decorative materials online, became the first firm in China to use the digital yuan, the official central bank digital currency (CBDC) of China, to pay taxes worth 3,009 yuan to the government via the ICBC digital wallet.The testing of the digital RMB continues to expand in Chongqing City which was approved as the third batch of pilot areas for the digital renminbi. Additionally, the official statement from the government further read:
"The Municipal Party Committee and Municipal Government attach great importance to the pilot work of digital renminbi and include 'strive to carry out the pilot of legal digital currency" into the "14th Five-Year Plan' for the city's financial reform and development."
Additional uses are being planned
The person in charge of the Chongqing Business Management Department of the People's Bank of China revealed that since the pilot, the areas of application for digital yuan had increased significantly. Interestingly, the person in charge of the Municipal Taxation Bureau's said that with the launch of the digital RMB tax payment pilot, all taxpayers within Chongqing, including 'units and individuals,' can choose the pilot bank independently."Online banking, mobile banking, and other channels use digital renminbi to pay taxes, social security premiums, and some non-tax income collected by tax authorities," revealed the statement.The government of China is promoting the digital yuan across the entire nation and recently announced a giveaway of 15 million digital yuan ($2.2 million) for the citizens as well.
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