Digital Currency Considered In Macau
Macau could see the emergence of cryptocurrency, a digital yuan being used in its casinos which could also spell the end of VIP junket operators and indeed VIPs themselves.
According to a report by Bloomberg the central Chinese government are keen on bringing out a digital currency that would be used in the world’s largest gambling hub as the official currency of use.
At present the article says there have been no actual formal proposals on this but it is understood the mainland government are keen on the idea and it is also being reported that Macau’s Gaming Inspection and Coordination Bureau, the regulator for gambling has been in discussions with operators over the past few months to sound out their thoughts.
It scares junket operators as it would make gamblers and in particular VIP gamblers funds traceable by the central Chinese bank. It also puts even more pressure on the VIP industry that accounts for almost half the revenues Macau generates each year.
However some argue that the ability by large VIP gamblers to use the currency to convert their yuan into Hong Kong dollars which is the currency of use in Macau would be made easier and remove the use of junkets in providing credit on that.
There is no imminent possibility of the change to a digital currency at present for Macau the winds of change are coming some believe to the world’s largest gambling zone.
