Macau Intends to Introduce Digital Renminbi

Digital currency is the global trend, and China is one of the world’s leading regions. It has been researching as early as 2014. As of 2019, Shenzhen, Guangdong, Suzhou, Chengdu, Sichuan and Xiong’an New Area have already started, while Shanghai, Changsha, Xi’an, Qingdao, Dalian and Liaoning also started digital RMB plans in the previous year.

Digital RMB is the first to cover catering, transportation, daily consumption and government services.

Macau Chief Executive Ho Iat Seng revealed that the Macau authorities are paying attention to the trend of digital currencies around the world. It has also maintained communication with the People’s Bank of China. There is an opportunity to amend the law in line with long-term development. , Research and the possibility of the development of digital RMB.

The Stanford C Bernstein analysis team pointed out in the report that the digital renminbi issued by the People’s Bank of China may completely change Macau’s payment system, and the renminbi can even replace the Macau pataca as the main currency of Macau.

If Macau successfully cooperates with the People’s Bank of China, Chinese gamblers can directly use digital RMB to buy chips at the gaming table without having to exchange for Hong Kong dollars. Simplify the currency exchange process and save customers’ foreign exchange transaction costs. However, this measure will reduce the role of intermediaries in Macau’s gaming industry. For example, it will have a negative impact on the Junket Promoters.