Macau and Hong Kong Move Closer to Launching Digital Currencies

Macau and Hong Kong's monetary authorities have announced significant developments in their efforts to introduce digital currencies in the near future. The news in Macau was revealed by Chief Executive Ho Iat Seng during an international financial conference, which was also attended by Pan Gongsheng, the director of China’s Central Bank.

The Macau Monetary Authority (AMCM) confirmed that it is advancing with the development of a “digital Macau pataca” (e-MOP). The authority outlined plans to build a prototype system with basic functions by the end of the year. Furthermore, it stated that the features and applications of the e-MOP will be presented to the public later in the year.

In contrast, the introduction of the e-Hong Kong dollar (e-HKD) could have a deeper impact on Macau’s gaming sector, as the Hong Kong dollar is commonly used for gambling transactions in the region. According to reports, the Hong Kong Monetary Authority (HKMA) has chosen 11 companies from various industries to participate in the second phase of the e-HKD pilot program, focusing on offline and cross-border payments.

Macau's government had initially announced plans to integrate digital currency as legal tender back in 2022. However, no further details have been disclosed since then, and it remains unclear whether this digital currency will be authorized for use in Macau’s casinos.

By fLEXI tEAM