Macau’s gaming industry is surging amid rumors that the city’s regulator is in talks with casino operators regarding the introduction of China’s digital yuan.
After a dec. . 2 articles from Bloomberg, Junkets â ???? Macau companies acting as middlemen to facilitate visits from China’s high roller players. claim their customers are looking to other jurisdictions over concerns about the digital yuan being launched in Macau’s competitive gambling sector.
The report cites anonymous sources claiming local casino operators were approached by Macau’s Gaming Inspection and Coordination Bureau to discuss the feasibility of labeling casino chip purchases in digital yuan instead of Hong Kong dollar, such as this is currently the case.
The sources noted that popular digital payment platforms like AliPay and WeChat are not being considered for use in Macau’s casinos as they will not assist the central government in tracking capital flows.
A dec. . 2 Statement from the Macau Government Information Bureau alleges that the rumored discussions about the use of digitized RMB in casinos [. . . ] is wrong. â ????
Regardless, the rumors have sent shock waves through the territory’s gaming industry, with stakes in casino operator Galaxy Entertainment Group and Macau’s largest junk operator Suncity Group Holdings each dropping around 3% on the same day.
The introduction of the digital yuan in Macau casinos would threaten the junkets industry, which generates significant revenues from the provision of Hong Kong dollar conversion and credit services. With Macau’s revenues dropping $ 27 billion amid the pandemic, junkets are already feeling the pain.
China’s central bank would also get a better look at the sources of capital flowing into Macau’s gambling industry, which Bloomberg’s sources say could put many high rollers off ???? Some of them were previously connected to the Chinese shadow banking system. Junket service provider Eric Leong told Bloomberg:
Last month, Cointelegraph reported that China’s digital yuan would be tested in Suzhou District for the « Double 12 ». Shopping event on Dec.. . 12th. At the shopping festival hosted by e-commerce giant Alibaba, participants will receive $ 200 digital RMB through a lottery that they can spend during the day. The event will also test the « offline » of the CBDC wallet. and â ???? touchâ ???? Functionalities.
The pilot is following successful attempts by the CBDC in Shenzhen that paid $ 1. Digital yuan worth 5 million, which is sold through a lottery to around 50. 000 residents of Luohu district will be distributed to him in October when more than 3. 000 dealers.
Macau, Renminbi, China, Gambling
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