Utilization of Digital RMB in Macau casinos could see China relax capital controls: Bernstein

The potential introduction of China’s Digital RMB into Macau’s casinos could result in Beijing eventually easing its capital controls due to greater transparency around money flow, according to a Thursday note from brokerage Bernstein.

The prospect of Macau’s regulators allowing cashless gaming, with Digital RMB at its core, has been mooted for some time but has gained traction over the past year as China expands domestic pilot programs around the digital currency’s use.

Originally rolled out across four cities in April 2020 and another six in October of the same year, the People’s Bank of China (PBOC) announced that it was expanding the pilot program to 11 more cities from April 2022 as well as Beijing and Zhangjiakou City following the 2022 Beijing Winter Olympics.

Assessing the potential applications for Macau, Bernstein this week said, “If cashless gaming is adopted in Macau, China’s Digital RMB could become an essential part of the infrastructure and provide an edge to allow seamless implementation of large-scale cashless play.

Source: https://www.asgam.com/index.php/2022/05/20/utilization-of-digital-rmb-in-macau-casinos-could-see-china-relax-capital-controls-bernstein/