To further optimize the business environment and enhance the convenience of cross-border tax payment, since February 2024, the People's Bank of China Shanghai Headquarter and the State Taxation Administration of Shanghai Municipality have jointly explored and implemented a new cross-border remittance tax payment model based on blockchain technology. This model aims to streamline processes through online operations, integrating overseas remittances, tax payments, and deposit procedures, effectively alleviating issues such as 'multiple trips', 'high costs', and 'difficulty in foreign exchange conversion' for non-resident enterprises during cross-border tax payment processes. As of August 2024, the new model has facilitated the completion of 1.486 billion yuan in tax payments for cross-border remittances in Shanghai. Pilot banks include Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of China, supporting multiple currencies such as Renminbi (RMB), US Dollar (USD), Euro (EUR), Japanese Yen (JPY), among others, and effectively handling various types of taxes including corporate income tax and stamp duty.