Macau Wants to Use New Chinese Digital Currency for Gambling
The Gaming Inspection and Coordination Bureau is taking some steps to modernize Macau’s gaming industry. There are rumors that Macau wants to use the new Chinese digital currency for its gambling industry.
Bloomberg reported that the DICJ contacted several casino operators to discuss the possibility of using digital yuan in the gaming sector. Also, they want to make it Macau’s base currency. However, the idea was met with mixed results.
China launched the digital yuan as its legal tender in October. It started testing the feasibility of using it in the real world via the central bank digital currency. Also, it is running pilot programs in Suzhou and Shenzhen.
New Chinese Digital Currency
According to the best sports betting software, Shenzhen is a vital access point for travelers to Hong Kong and Macau. On the other hand, Suzhou is a significant economic hub that’s near Shanghai.
Based on sportsbook pay per head reviews and news reports, it is still unclear how the digital currency will work in Macau. DICJ doesn’t allow some types of digital wallets on casino floors. However, there are some exemptions. Thus, they might enable a state-issued wallet.
For most parts, Macau runs off Hong Kong dollars. Introducing digital yuan would allow Chinese high rollers to convert their money into alternative currency. Also, it prevents currency conversion scams in the territory. Thus, it is safer for gamblers because they don’t need to carry a large amount of money.
However, some people don’t like the idea. Junket operators believe that using digital yuan will scare off high rollers. VIP gamblers will avoid casinos because of the transparency requirement. On the other hand, digital yuan would attract non-gaming visitors to the city.
According to a gambling forum, DICJ denied discussing with Macau casino operators about the digital currency. Also, they called the Bloomberg story fake news.