Welcome

Macau Moves Step Closer to Digital Currency in Threat to Casinos

April 14, 2021, 4:50 AM

Macau has moved a step closer to the potential introduction of a digital currency as it seeks to better combat money laundering and tax evasion in the world’s biggest gambling hub.

The government plans to amend laws to regulate the issuance of a virtual legal tender, Chief Executive Ho Iat Seng told lawmakers Tuesday. The government will work with China’s central bank to “study the feasibility of issuing a digital currency,” he said.

Ho Iat-seng in 2019.
Photographer: Justin Chin/Bloomberg

Although no formal plans have been announced on whether or how a digital currency would be implemented, some junkets -- businesses that act as middlemen for...

To read the full article log in. To learn more about a subscription click here.