{"id":13427,"date":"2023-07-25T15:15:11","date_gmt":"2023-07-25T15:15:11","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=13427"},"modified":"2023-07-25T12:15:30","modified_gmt":"2023-07-25T12:15:30","slug":"macau-casinos-likely-to-accept-digital-renminbi-only-after-2028","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/macau-casinos-likely-to-accept-digital-renminbi-only-after-2028\/","title":{"rendered":"Macau Casinos Likely To Accept Digital RMB Only After 2028"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2023\/07\/macau-casinos-to-accept-bets-in-digital-renminbi.jpg\" alt=\"Macau Casino to accept bets in Digital Renminbi\" title=\"Macau Casinos Likely To Accept Digital RMB Only After 2028\" width=\"300\" class=\"alignleft size-full wp-image-13428\" \/><strong>Summary:<\/strong><\/p>\n<ul>\n<li>Macau has taken the first step to accepting digital currency as legal tender <\/li>\n<li>A research professor has stated that Macau\u2019s casino sector is not yet prepared to accept bets in digital currency<\/li>\n<li>It should take between 5 and 10 years for digital RMB to be fully incorporated into the gaming floor<\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/www.legitgambling.com\/news\/macau-gaming-sector-set-to-have-big-recovery-in-q2-due-to-non-gaming-offerings\/\">casino industry in Macau<\/a> is not yet ready to fully embrace the <strong>use of digital renminbi<\/strong> (RMB) which is the official currency of the People\u2019s Republic of China. It will take at least five years before casinos completely incorporate the digital currency into their operations. <\/p>\n<p><strong>Ricardo Siu Chi Sen<\/strong>, associate professor in business economics at the University of Macau, made the remarks on the sidelines of the Global Gaming Expo (G2E) Asia event recently held in Macau.<\/p>\n<h2>Full Adoption of Digital Currency at Macau Casinos Only After 2028<\/h2>\n<p>Casino operators are considering the potential use of digital RMB on the gaming floors as it <strong>would provide players with a more convenient option to make a wager<\/strong> considering that cash exchanges would no longer be required. <\/p>\n<p>However, Mr. Siu said that there needs to be a \u201c<em>transition<\/em>\u201d, and the processes involved to make that happen will take up to 10 years to complete. General use of digital RMB at casinos won\u2019t happen in a short-term period, he said.<\/p>\n<p>China commenced a major trial of <a href=\"https:\/\/en.wikipedia.org\/wiki\/Digital_renminbi\">digital RMB<\/a>, also known as digital yuan, back in April 2020, with the digital currency adopted into the monetary systems of four big cities. <\/p>\n<p>The <strong>Chinese government sees the digital currency as a way to combat money laundering, terror-financing, and illegal gambling<\/strong>. Skeptics have raised concerns over the level of control authorities would have in monitoring an individual\u2019s financial transactions when the digital currency is fully adopted. The PBOC addressed this by saying that users would still have \u201c<em>controllable anonymity<\/em>\u201d when making transactions.<\/p>\n<p>The Macau government initially unveiled plans to accept digital currency as legal tender in 2022. In June 2023, Macau\u2019s Legislative Assembly approved a Bill allowing the city to establish a digital currency in the future. However, details remain scarce as to whether it would be adopted at casinos, though the idea has been welcomed by operators because of its many benefits, including cashless gaming. <\/p>\n<p>Players <strong>usually place bets at Macau casinos in Hong Kong dollars<\/strong>. Hong Kong is currently part of China\u2019s Cross-Border Interbank Payment System (CIPS), which operates in a similar manner to SWIFT. Mr. Siu suggested there\u2019s still a long way to go before casinos could fully accept bets in digital currency. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Macau has taken the first step to accepting digital currency as legal tender A research professor has stated that Macau\u2019s casino sector is not yet prepared to accept bets in digital currency It should take between 5 and 10 years for digital RMB to be fully incorporated into the gaming floor The casino industry [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,6,2],"tags":[],"class_list":["post-13427","post","type-post","status-publish","format-standard","hentry","category-casino","category-finance","category-legislation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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