Macau and Hong Kong monetary authorities have announced significant steps towards introducing digital currencies in the near future.
In Macau, the announcement was made by Chief Executive Ho Iat Seng during an international financial conference, which was also attended by China’s Central Bank director, Pan Gongsheng.
The Macau Monetary Authority (AMCM) stated that it is progressing with the development of the “digital Macau pataca” (e-MOP), with plans to build a prototype system with basic functions by the end of the year.Â
It added that the features and applications of the e-MOP will be showcased to the public later this year.
Meanwhile, the introduction of the e-HKD may have a more profound impact on Macau’s gaming industry, as the Hong Kong dollar is widely used in gambling transactions in Macau.
According to reports, the Hong Kong Monetary Authority (HKMA) has selected 11 firms from various sectors to test offline and cross-border payments as part of the second phase of the e-Hong Kong dollar (e-HKD) pilot program.
The Macau government announced plans to incorporate digital currency as a legal tender in 2022. However, no details have been provided so far, nor is there any information on whether such digital currency will be permitted for use in Macau’s casinos.
