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Macau Moves Closer to Legalizing Digital Yuan Use in Casinos

Tags: China, Digital Yuan, Macau, Yuan.
Posted on 20 April 2021 by "T".

Macau's gambling market could possibly face a fundamental realignment as the local government aims to move closer to legalizing the use of China's digital yuan in casinos.

On Tuesday April 14, Macau's Chief Executive Ho Iat Seng told the Legislative Assembly of plans to "study the feasibility of issuing a digital currency." The government of China's "special administrative region" wishes to boost its ability to deter tax dodgers, money launderers, and other criminal elements, including terrorists.

The gambling hub of Macau is still deemed the main engine of the local economy, and according to a Bloomberg report, government representatives had talked to many Macau casino operators about the possibility of allowing gamblers to buy casino chips with the use of digital yuan.

Brokerage Bernstain said, "If the RMB were to become legal tender in Macau, then the path is opened to usage of Digital RMB as well. In the context of casinos, this would mean for example being able to buy chips for play directly from the casino cage (or even a table) instantly using (digital) RMB without the need to convert into HKD."

Last year, China started testing its digital yuan project in Shenzhen, and it went well enough that the government expanded the pilot project to include other cities and a growing number of businesses. Unlike most digital currencies, the digital yuan lets the People's Bank of China to trace all transactions back to its individual users, lowering the chances of the currency being used for illegal purposes.

The theory is that the use of the digital yuan in casinos would increase "mass market" gamblers' ability to use their mainland savings without having to go through illegal channels like shady financiers and pawnshops. However, their activity would be under scrutiny by mainland authorities, the impact of which may negate any possible benefit.

It remains to be seen whether Macau may simply let its casinos place the option of adding the digital yuan to their list of funding choices or whether the digital currency would become the only acceptable option. The latter can have a significant impact on local junket operators, with a knock-on negative for the casinos themselves.

The plans could see instant transactions for players at the casino in the future. At this time, players must convert their Chinese RMB currency first into HK$ or Macau Patacas (also known as MOPs).

Source:
https://www.highstakesdb.com/7501-macau-hoping-to-legalize-cryptocurrencies-following-china-trial.aspx
https://www.bloomberg.com/news/articles/2021-04-14/macau-moves-step-closer-to-digital-currency-in-threat-to-casinos

 


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12 comments on "Macau Moves Closer to Legalizing Digital Yuan Use in Casinos"


 dule-vu20/04/2021 14:20:57 GMT
so as I see from this text,only thing is to see is this something that they want to make everything faster and to help players and casinos or they want to track money and to see who and how much change it it their currency!?for sure you lose time when you come with chinese currency and then to convert in hk dollar or macau patacas,so if this will help gamblers and whole industry,then great,but something more is maybe behind this!
 geseco1220/04/2021 14:29:46 GMT
The digital yuan is on the move. The People's Bank of China is beginning to distribute this digital currency in several cities in small quantities, that also in casinos, thus becoming the first major central bank to distribute a public digital currency. The impact of this type of money on the economy is unknown, but the studies carried out so far speak of multiple benefits and threats. Kenneth Roggoff Says: "The People's Bank of China is way ahead of other major central banks in developing its public digital currency"
 bowie198420/04/2021 20:47:50 GMT
Unlike most digital currencies, the digital yuan lets the People's Bank of China to trace all transactions back to its individual users...

So this is why they push the legislation about this for real. It has nothing to do with stopping money laundering rather they just wan to build a profile about you for 'other purposes'.
 Cesar1421/04/2021 02:58:59 GMT
They are right, they not only want to avoid money laundering, but there are other deeper things to investigate, as the studies carried out say that they say that the digital currency will have its benefits and its threats, you have to be attentive to that.
 CALICUL21/04/2021 13:09:33 GMT
we digitize everything and when something in space will destroy or it breaks certain things, there will be general chaos. Another security method is needed for people to use those cards. Hand receipts with stamp and some dates will be good for all, when machines break down.
 geseco1221/04/2021 16:44:12 GMT
The creation of digital yuan has its advantages since it will help many in matters of taxes and money laundering, Unlike most digital currencies, the digital yuan allows to track all transactions, which reduces the chances that the currency is used for illegal purposes.
 bowie198421/04/2021 19:45:21 GMT
Posted by geseco12:
Unlike most digital currencies, the digital yuan allows to track all transactions, which reduces the chances that the currency is used for illegal purposes.

Every digital transaction is trackable no matter with what kind of currency you use the difference is cryptocurrencies are allowing you to remain anonymus while the digital yuan won't. Hence why they are pushing for it so much.
 Cesar1422/04/2021 04:06:33 GMT
there is the problem, I think that just as the cryptocurrencies that remain anonymous should be the digital yuan, they cannot expose privacy to the air, for that part it has its disadvantage, hopefully the country becomes aware of making a change that benefits the society and don't make it worse.
 CALICUL22/04/2021 13:07:09 GMT
for them everything will be fine and any currency conversion can be accepted depending on what virtual currencies this casino allows. They are looking for multiple solutions and for make people to play with any tradable currency.
 dule-vu22/04/2021 15:42:55 GMT
Posted by bowie1984:
Posted by geseco12:
Unlike most digital currencies, the digital yuan allows to track all transactions, which reduces the chances that the currency is used for illegal purposes.

Every digital transaction is trackable no matter with what kind of currency you use the difference is cryptocurrencies are allowing you to remain anonymus while the digital yuan won't. Hence why they are pushing for it so much.


bowie is right at this point and with this kind of changing currency,you will know that they can track your money,so its not same as with crypto!we all know how china want to have control over hong kong,but its question that macau want to allow this kind of transfers,even in some way its good for players,that they dont have lose time on changing money!
 CALICUL23/04/2021 13:55:20 GMT
it's a good idea because they will win. Digital or not there are certain things, that let you to play in the casinos, even if momentary damage may occur and the card does not work. This is not a problem, but they must have limits when peoples playing.
 CALICUL04/09/2021 21:33:46 GMT
it is a good choice that can bring them satisfaction as long as people have received this solution to play like that. Always wise decisions matter and both parties will be happy. Legalizing this method will bring other clients and that is a good thing.

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