- Macau authorities want to introduce digital currencies
- This is a significant step for the Asian casino capital
- Now it’s up to China
Macau City is a particular administrative region of China with a developed casino industry. It is often referred to as the ” Asian Las Vegas. “ The other day, local authorities issued a bill that makes digital currencies legal tender. It can be found on the Macau Executive Council website.
The document does not say what specific digital currencies this region plans to implement. But now China successfully deploys its central bank digital currency (CBDC). They recently boasted that the digital yuan (e-CNY) processed $13.9 billion in transactions. It has become the most used central bank digital currency.
China also suggested that Asian countries create a single digital currency – the “Asian yuan” to compete with the US dollar.
Introducing digital currencies will help Macau strengthen its economic and legal ties with mainland China. And if they legalize not only CBDC but also traditional coins (for example, Bitcoin), they will be able to attract more tourists and crypto fans. However, given the rigid policy of China, it is unlikely that Macau will quickly obtain permission from the central authorities.