China's digital yuan could be a fatal blow for Macau casino junkets
Macau's casino junket operators have already been on the rocks during the coronavirus pandemic, and some fear that they could be “faded out” following the introduction of a fully traceable digital yuan. Beijing's bid to better control money laundering and illicit transactions through a fully-traceable central bank digital currency could pose a threat to the country's popular gambling hub Macau. A hotspot for tourists — of which 70% come from mainland China — the region's gambling business could reportedly be adversely impacted by China's use of a digital yuan to clamp down on illegal money....
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Macau’s government is taking steps towards introducing a digital currency to combat tax evasion and money laundering in the gambling hub. Macau is pushing forward with preparations fo the roll out China’s digital yuan, which could help crack down on tax evasion in its opaque gambling industry. On April 13, Ho lat Seng, the chief executive officer of the Chinese island territory, told local lawmakers the government is planning to amend legislation that would allow the regulated issuance of China’s digital yuan to facilitate trials of the digital currency: “We will keep communication with....
Macau’s gambling industry is reeling amid rumors that the city’s regulator is in talks with casino operators regarding the introduction of China’s digital yuan. China’s central bank digital currency is expected to further exacerbate Macau’s declining gambling revenues.According to a Dec. 2 article from Bloomberg, junkets — Macau businesses that act as middlemen to facilitate visits by China’s high-roller gamblers — claim their clients are looking to other jurisdictions due to concerns the digital yuan will be introduced to Macau’s embattled gambling sector. The report cites anonymous....
Chinese gamblers and stock traders are nursing their wounds after Macau authorities reversed a decision to limit their daily withdrawals to 5,000 patacas ($626). Macau Investors Easily Spooked. The original announcement sent shares in casinos tumbling, Reuters reports, with seasoned gamers also looking at their incomes being strangled. Macau, which generates around 40% of GDP from the gambling industry, will nonetheless keep a new ATM transaction limit of 5,000 patacas. The proposed limits would affect only China UnionPay account holders, it appears, with authorities pointing to a desire....
Macau, one of China’s special administrative regions, recently concluded discussing a bill that seeks to make digital currencies legal tender, a report has said. The report also suggested that individuals who reject or refuse to accept legal tender will be fined between $123 and $1,230.
Improving Macau’s Legal System
An executive council of Macau, an autonomous region on China’s south coast, recently completed discussing the draft bill proposing to include digital forms of currency in its basket of financial instruments that are accepted as legal tender. As....
Bitcoin trading has taken China, the world's second largest economy, by storm as Goldman Sachs reported that 80% of the industry trading volumes are in renminbi. After all, an increasing share of the Chinese middle class is pursuing alternative investments, apart from property and equities. According to Bobby Lee, CEO of the world's largest bitcoin exchange BTCChina, Chinese users who like to gamble enjoy the strong volatility in bitcoin prices. For many, buying low and selling high offers the opportunity to make quick profits. Chinese Bitcoin Trading. In addition, Lee also views the rise....