Macau Casinos Could Suffer Greater Losses Through Use of Chinese Digital Currency

China continues to roll out its own central bank digital currency (CBDC), and there’s little doubt that it will become part of Macau’s gambling ecosystem. However, according to experts, the results may not be what China or Macau expect.

A CBDC is essentially digital fiat that a government issues and manages. China’s case also reportedly includes the requirement that consumers and businesses use a state-issued wallet.

That wallet allegedly contains a master On/Off switch that would allow the government to shut off any wallet anytime for any reason – possibly even for no reason. These traits, and the lack of privacy they include, have scholars in Macau raising concerns.

The goal of China’s CBDC is to give the government more control over the flow of capital and reduce questionable transactions. However, according to GGRAsia, the country may not see the expected results.

Source: https://www.casino.org/news/macau-casinos-could-suffer-greater-losses-through-use-of-chinese-digital-currency/