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Some of you could be asking what a mainnet actually means ▪️“The main network wherein actual transactions take place on a distributed ledger; this is in contrast to the testnet, or test network, where new Dapps and EDCCs can be tested and developed” ▪️ #TRX and #EOS (Both ERC20) will be the first to do this but other coins will follow this year. #cryptocurrency #market #crypto #finance #financialfreedom #crypto #cryptonews #cryptoanalysis #instachart #twitterquotes #bitcoin #blockchain #blockchaintechnology #ethereum #ether #trading #cryptotrading #btc #tradeoftheday

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Chinese internet giant Tencent has partnered with the tax authority in the city of Shenzhen to use blockchain in the fight against tax evasion. Announced Thursday, the Shenzhen National Taxation Bureau and Tencent have jointly set up an "Intelligent Tax" innovation lab, that aims to promote technological innovation around taxation processes. The lab will combine theoretical research with nascent technologies, such as cloud computing, artificial intelligence, blockchain, and Big Data, for taxation management and electronic invoice applications, a release states. Shenzhen reportedly has a sizable underground economy, with, for example, peddlers openly hawking bogus receipts, according to The New York Times. Buyers use the the fake paperwork to evade taxes and defraud employers, and detecting forged or doctored receipts is a challenge for tax collectors, small businesses and China's state-run enterprises. According to Ma Huateng, Tencent's CEO and chairman of the board, the Intelligent Tax lab is already working on a new digital invoice based on blockchain technology – a legally valid digital receipt that serves as proof of purchase for goods and services. The blockchain-based solution will be the first product incubated at the lab, he added. The product will be based on Tencent's blockchain platform, which was announced in April, and is the nation's first research into the application of blockchain for invoicing, the release claims. Li Wei, deputy director of the Shenzhen Municipal Bureau of State Taxation, said that the key features of the digital invoice include complete traceability and data security that will help to effectively combat fake invoices and "improve the invoice supervision process." Going forward, the deputy director said, "We will promote tax modernization, optimize the taxation and business environment, and help improve Shenzhen's economic quality."

Earlier this month, the Bank of England issued a working paper, laying out various scenarios of possible financial risks and instability issues of using a centralized bank digital currency. The report found that in the scenarios described, there was no reason to believe that adopting a CBDC would negatively impact private credit or total liquidity provision to the economy. ➖➖➖➖➖➖➖➖➖➖➖➖ 🤔Would you use a CBDC? ➖➖➖➖➖➖➖➖➖➖➖➖ 🗣Let us know in a few words! ➖➖➖➖➖➖➖➖➖➖➖➖ 😎Follow @sharecrypto ➖➖➖➖➖➖➖➖➖➖➖➖ #bitcoinmining #bitcoin #bitcoins #crypto #cryptocurrencies #hodl #altcoin #altcoins #ico #cryptonews #xrp #xlm #bittrex #binance #kucoin #xvg #cryptotrader #cryptotrading #blockchain #bitcoinsallday #bitcoinwallet #bitcoincash #bitcoinprivate #cardano #ethos #verge #zcash #decentralized #litecoin #sharecrypto

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