Thao Lam La · · 1 min readChongqing firm marks city’s first tax payment in digital yuan
Power Dekor, a floor covering and wall panel provider, has become the first company in Chongqing, China to pay taxes using the country’s digital yuan, local media reported.
The company paid a total of 3,009 yuan (US$452) in taxes on June 1 via a digital yuan wallet issued by the Industrial and Commercial Bank of China.
In April, China rolled out the pilot of its virtual currency in Chongqing. A month later, the number of digital yuan wallets in the city exceeded 1 million, with more than 288 million yuan (US$43.3 million) worth of transactions.
The city’s Taxation Bureau said that all taxpayers in Chongqing are free to choose a pilot bank to pay taxes as well as social security premiums in digital yuan, according to the report.
Earlier this year, in an effort to test the global appeal of its virtual currency, China used the digital yuan as one of the official payment methods during the Winter Olympics.
See also: 20 largest exits in China
Currency converted from Chinese yuan to US dollar: US$1 = 6.65 yuan.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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