So they created a group chat, which consisted of streamers who were on good terms with each other.
They introduce each other to the top three spenders on the donation leaderboard. Of course, this isn't about pimping, but rather introducing them to these big spenders so they don't have to top up their Douyin accounts directly. Instead, they can give them their money, and the spenders can transfer Douyin coins directly to these big spenders through Huasuan Pay, and even get a 5% discount!
When these big shots heard this, they thought, "Why not save money if we can?" So, the streamers cashed out, and the big shots also got discounts—a win-win situation!
Then, another group of people discovered another use for Douyin Pay: tax evasion!
These people are the supermarket owners.
In the past, people would pay with cash or credit cards when shopping at supermarkets.
Every transaction record is clear and transparent, making it impossible for anyone to evade taxes.
But things are different now. The transaction records for Douyin coins belong to Douyin itself, and outsiders have no right to view them. Moreover, this is a virtual currency, not a real currency, and therefore does not require taxation.
Therefore, they added a Douyin Coin payment window, which allows users to directly transfer Douyin Coins for payment, and the price is calculated according to the member price, which is cheaper than regular checkout.
As a result, the supermarket's revenue did not increase, since virtual currency revenue is not considered part of the actual revenue growth.
Moreover, supermarket profits have declined. After all, so many goods have been sold, the costs remain, but the turnover has not increased, so profits naturally decline.
With this increase and decrease, the tax revenue naturally decreased significantly.
What should we do with the Douyin coins we earn?
It's very simple, just buy everything from Douyin Mall. Douyin Mall has all kinds of products, even more complete than their own supermarket, and the prices are very cheap.
Moreover, they deliver to your door, saving you the transportation costs of driving yourself to pick up the goods.
In this way, not only can taxes be evaded, but the business is also unaffected. Rounding up, wouldn't that be equivalent to earning more?
This was something Lin Chen himself hadn't expected; it was deduced from the usernames and transaction records after the backend data was monitored.
I didn't expect you Koreans and ordinary folks to be so clever, coming up with such a solution.
However, since it wasn't in China, he turned a blind eye. If it were in China, Douyin would have reported it to the relevant authorities in no time.
After all, paying taxes according to the law is everyone's responsibility!
Gradually, more and more Koreans and ordinary people have also discovered the wonderful use of the cost-effective payment method.
As a result, many small supermarkets, convenience stores, and restaurants have posted QR codes for discounted payments.
Although not many people use Huasuan Pay to pay yet, it doesn't cost much. All you need to do is stick a QR code on it. In fact, these QR codes are even given to you by Huasuan Pay itself. As long as you fill in the information, they will be mailed to you for free. It couldn't be more thoughtful.
Zhang Yiming's eyes nearly popped out of his head as he looked at the transaction records of the overseas version of Huasuan Pay.
Oh my god... how can there be so many!
"Boss, are there really this many cryptocurrency transactions?"
"Although our Douyin Coin is a virtual currency, it has a stable channel that can be directly exchanged for goods. Therefore, it retains its value better than ordinary virtual currencies, and makes everyone feel more at ease when topping up."
“I understand. If I use money to buy Bitcoin, I can only use it as an investment, and it might crash tomorrow. But if I buy Douyin Coin, I can buy food and drinks, which is no different from real currency. I don’t have to worry about it depreciating at all.”
"That's right. Moreover, as far as I know, mobile payment is not as widespread in South Korea as it is in China. Their most common transaction methods are still card payments and cash."
However, once people have experienced mobile payments, they'll find that carrying cards and cash is still quite inconvenient. This has created an environment where convenient payment options can flourish.
"Tsk tsk tsk, by the time the Koreans and the Japanese realize what's happening, the mobile payment market might already be huge. Won't they just cut it off completely and ban our app from being used?"
"Impossible, they wouldn't dare. Once this model reaches a certain scale, Huasuan Pay will essentially become another wallet for these people. Would you allow someone to prevent you from using your wallet?"
Moreover, strictly speaking, the money these people recharged into Douyin is non-refundable, because it is actually a purchase behavior, using real money to buy virtual currency.
Just like when you buy game points, can they give you a refund?
"Brilliant, boss! This way, if the authorities want to ban it, people with money in Huasuan Pay will definitely refuse, even if they only have a few hundred yuan in their accounts. And if there are enough people, it could cause some social problems. You're really too shrewd, boss!"
Lin Chen's lips twitched, and he silently took out the small notebook that had made Zhang Yiming's face turn pale from the drawer. He flipped to the middle and wrote a line.
"Zhang Yiming called me a dog, so my bonus will be docked by 100,000!"
"Boss, no! I was wrong! I just blurted it out!"
Lin Chen didn't give him a chance to explain and silently put the notebook back.
Zhang Yiming looked at the notebook in despair, wondering if he could sneak in and tear it up when the boss wasn't around.
Lin Chen seemed to see through what he was thinking and said quietly.
“If this notebook is missing a page, your bonus will be reduced by one million.”
Zhang Yiming's lips twitched. Forget it, maybe the total amount deducted from this page won't even amount to a million.
Indeed, as Lin Chen and the others said, the official authorities in both South Korea and Japan are also having a headache over this issue.
The Ministry of Finance held a meeting on this issue.
"Minister, this month's tax revenue is significantly lower, and it's all because of this 'Easy Pay' scheme!"
“I understand the situation. Strictly speaking, Huasuan Pay has not violated any laws.”
"But many people use this software to evade taxes."
"That just means they took advantage of the loopholes in the rules we set up. So, the problem ultimately lies with us; our system has flaws."
"So, should we add new laws, including provisions that require virtual currency transactions to be taxed?"
"That's unrealistic. It's like someone buying Bitcoin, then using it to trade for a car with another person. You go to collect taxes from that person, only to find that their contract states it was a gift between them. How can you collect taxes from that?"
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