In the latest digital currency news centered around the topic of regulation, we are going to India where a lot of leading large businesses are still embracing cryptocurrencies or some technologies underpinning it. Aside from the reliability that this brings when it comes to reconciling accounts, making payments and keeping proper records, it seems like a large conglomerate in the country is also eyeing blockchain technology as a means of record keeping.
As the India Times reported, a number of leading corporations from India have been eyeing the blockchain model and are willing to explore alternatives which will ensure that their financial records and contracts are properly documented.
What’s interesting is the fact that using blockchain for record-keeping removes the possibility of discrepancies which is the security functionality that makes it especially useful for large corporations that have multi-level data flow.
Sources quoted by the India Times also said that the results of using this tech look promising. According to them, if the final results are impressive, the large conglomerate of corporations will definitely scale up the entire process and cover wider areas.
Sai Venkateshwaran, who is a partner and the Head of CFO Advisory at KPMG India, has commented on this discovery, saying:
“Apart from greater efficiency and accuracy, [blockchain technology] has the potential to bring enhanced levels of transparency for group treasury management and also cost savings.”
However, restrictions by the Reserve Bank of India (RBI) may still hold up this process and become a challenge for such nascent implementations. However, experts believe that the restrictions can be circumvented if corporations keep their transactions strictly in house.
Guangdong Province In China To Use Blockchain-Based Tax Payment Platform
“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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