A series of digital currency experience sites are seen at the booth of the Bank of China during the 2021 CIFTIS in Beijing, on Sept 3, 2021. [Photo by Chen Liubing/chinadaily.com.cn]
On Dec 17, China’s first digital renminbi tax refund business was completed in the Dalian branch of Agricultural Bank of China. Dalian’s financial institutions have successfully provided services of online tax payment business, payment, and financial expenditure by e-CNY, indicating that the city is capable of all-scenario tax refund services using digital currency.
It was reported that a Dalian resident surnamed Wang received a digital RMB tax refund of 2,864.68 yuan ($449.65) from the national treasury. He said it was convenient to do it on his phone using digital RMB instead of handling it on site in cash.
E-CNY payments are safer, more efficient, and more convenient. Taxpayers with digital renminbi wallets can apply for tax refunds and get the refunds once the bank verifies the relevant information with the tax department.
As a digital RMB pilot bank, the Dalian Branch of the Agricultural Bank of China has designed 40,000 digital RMB application scenarios, including more than 9,000 externally consumable scenarios, all over Dalian.
