Macau digital pataca: public demonstration planned by year end

Macau’s chief executive made the announcement at the opening of the China-Portuguese-speaking Countries Central Banks and Financiers Conference.

Macau.- Macau’s chief executive, Ho Iat Seng, has said that The Macau Monetary Authority (AMCM) is working with the digital currency research institute of the People’s Bank of China (PBOC) on the development of a digital pataca (also known as e-MOP). At the opening ceremony of the 2nd China-Portuguese-speaking Countries Central Banks and Financiers Conference in Cotai, he said a public demonstration of the prototype system is expected by the end of the year.

The AMCM said it will conduct sandbox tests on a prototype system with “basic functions” in order to explore usage scenarios. It is unknown if casinos will be part of the tests. The gaming market currently operates using Hong Kong dollars, so mainland Chinese visitors have to convert renminbis if they want to gamble unless they already have access to Hong Kong dollars. 

The Macau Gaming Research Association has previously noted the implementation of a virtual currency could mark a step-change for the local gaming market as customers could buy chips instantly using RMB without the need to convert.

A bill to enable the issuance of digital currency was passed by the Legislative Assembly last June. According to the legislation, digital currency will be considered Macau’s legal tender alongside traditional forms such as banknotes and coins.

According to The Macau Post Daily, around 300 senior executives from financial and professional institutions attended the China-Portuguese-speaking Countries Central Banks and Financiers Conference. The AMCM signed agreements with several central banks from Portuguese-speaking countries to deepen cooperation.

See also: Macau CE elections: Sam Hou Fai confirmed as sole candidate