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Digital currency on the agenda for Macau casinos

Digital currency on the agenda for Macau casinos

The use of digital currency is on the agenda for Macau casinos; check the details.

by Academia   |   comments 0
Friday, December 11 2020

According to recent information, authorities want digital currencies to be on the agenda for Macau casinos. According to the explanation, the Gambling Inspection and Coordination Office entered into a discussion with gaming operators about introducing the e-yuan as the official currency for acquiring gambling chips within local casinos. The report on the situation is that the digital currency will be on the agenda in Macau casinos to remove the movement of Hong Kong dollars as a new currency for gamblers inside the casinos.

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In this way, Chinese entities have already started testing the functionality of cryptocurrencies as state aid in the world. The cryptocurrency will be issued and administered by the country's central bank, putting five regions to test it, namely: Shenzhen, Suzhou, Xiong'an, Chengdu and future locations for the Winter Olympics.
For now, there is still no timetable for the use of the currency by the general public, by the People's Bank of China. However, the official report points out that the currency can be used by the general public as quickly as possible, inside the casinos.

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The use of virtual currency in the SAR has the objective of removing the Hong Kong dollar from circulation in casino betting, and may have consequences for the country's industrial sector, in gambling venues, more specifically for junket operators. Thus, there may be an increase in the control of money outflows by Beijing, raising concerns for VIP players who value the discretion of their gambling habits.
In addition, this decision could eliminate the use of junket operators as facilitators for players in the country, and would limit the value of bets. Along with that, there would be a conversion restriction on the potential tax on currency, e-yuan and non-Macau currencies.
According to the gross results on accumulated games, only between January and November, the percentage dropped 80.5%. In the meantime, analysts believe that the introduction of this new measure would result in a considerable decrease of this percentage in the future.
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