Bernstein\u2019s analysed how going cashless might affect Macau\u2019s gambling economy, and its analysts believe it could revitalise the sector.<\/p>\n\n\n\n\n\n\n\n
Macau.- Analysts from Bernstein<\/strong> believe China\u2019s digital RMB<\/strong> could become an essential part of a cashless gaming infrastructure in Macau<\/strong>. It believes the process could potentially be more streamlined than that in jurisdictions that aren\u2019t working off a central bank-backed digital currency.<\/p>\n\n\n\n Bernstein’s analysts argue that the transparency of the digital renminbi (digital RMB)<\/strong> will allow China to ease its capital control on Macau, which may provide Macau\u2019s gaming industry with a boost.\u00a0<\/p>\n\n\n\n \u201cIn most other gaming markets, the cashless gaming would require the traditional deposit and withdraw from bank accounts (subject to bank processing and transfer limit), transactions via third party payment platforms and additional charges (i.e. Visa\/MasterCard), and further subject to the integration between the casino\u2019s own financial ecosystem and its players\u2019 digital wallets opened with the casino,\u201d explains Bernstein\u2019s Vitaly Umansky. <\/p>\n\n\n\n \u201cHowever, in the case of Macau, digital RMB could potentially become a one-stop solution for both the casino and customers, dis-intermediate payment providers, and simplify the process of currency and chip exchanges<\/strong> and eliminate any associated transaction costs.\u201d<\/p>\n\n\n\n He also suggested that digital RMB could help to prevent certain crimes and fraud<\/strong>. The greater transparency associated with a universal digital currency could make gambling safer and prevent money-laundering attempts. Lastly, he believes the adoption of digital RMB could eventually lead to a relaxation of China\u2019s cross-border capital controls.<\/p>\n\n\n\n However, experts warned that digital RMB may impact demand at the higher-end level of play and \u201cdiscourage high gambling spending as Chinese customers may think their funds used for gambling will be \u2018under surveillance\u2019.\u201d<\/p>\n\n\n\n