On Friday, the Executive Council of Macau, a unique Chinese administrative region with a flourishing casino industry, stated that it is pursuing granting a digital currency legal tender.

Whereas the proposition does not mention any particular digital currencies, it coincides with China's optimistic deployment of its central bank digital currency (CBDC), the digital yuan or e-CNY. It has the potential to boost the city's legal and economic connections with the mainland.

Meanwhile, gaming industry experts are buzzing about whether the regulation would enable digital currencies to be used in the city's thriving casino scene.

The bill, titled "Legal regime for the invention and allocation of currency," also suggests making refusing to accept legal tender an administrative offense punishable by fines ranging from 1,000 MOP (US$123.70) to 10,000 MOP (US$1,237).

In an attempt to set up the CBDC system relying on national technical strength, Macau's secretary for finance and economy, Lei Wai Nong, stated in June that the city-state is looking to China's experience in developing its digital yuan.

Some say Macau, labeled the "gambling capital of the world" and "Monte Carlo of the East," is habitat to the nation's most prominent casino industry, accounting for more than half of the city's GDP of approximately US$28.1 billion in 2019.

Do you think that other countries will eventually follow Macau's lead and make digital currency legal tender? Let us know your thoughts by sharing this article online.

Posted 
Oct 17, 2022
 in 
Crypto News
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