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European Commission Testing Blockchain Use for VAT Info Exchange

Sept. 13, 2019, 6:19 PM

The European Commission is testing the use of blockchains—the record-keeping technology behind cryptocurrency—for its system of exchanging tax information between EU member countries.

Blockchain technology can help promote accountability and traceability into the system, said Spyridon Pilos, European Commission principal manager in the directorate for information, workplace, and innovation.

The system can introduce “a sort of control by design,” in which metadata establishes a trail that can give auditors a full picture of a particular case, Pilos said. He spoke at the Organization for Economic Cooperation and Development’s second global blockchain conference held Sept. 12-13 in Paris.