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Post by Blitz on Sept 23, 2024 9:12:20 GMT -5
 Fortune cookie say... This is just a 'Hop Sing', skip, and a jump away from all casinos being forced into using digital dollars only. And now this... Macau to launch “Digital Macau Dollar” prototype system by year’s end by Pierce Chan Mon 23 Sep 2024 at 16:43 www.asgam.com/index.php/2024/09/23/macau-to-launch-digital-macau-dollar-prototype-system-by-years-end/The Monetary Authority of Macau (AMCM) has revealed it plans to build a prototype system with basic functions for the implementation of the new “Digital Macau Dollar” by the end of the year. It will also demonstrate to the public the functions and applications of the digital currency in celebration of the 25th anniversary of Macau’s reunification with the motherland, it explained.
“To ensure the security and stability of the monetary system of Macau, the AMCM will conduct sandbox tests with the prototype system to explore the application scenarios of the Digital Macau Dollar, and carefully examine various types of risks, so as to formulate complementary rules and regulations that suit the actual market situation in Macau, and to properly prepare for the official launch of the Digital Macau Dollar in the future in all aspects,” it said. Local academics told Inside Asian Gaming they expect the Digital Macau Dollar to mirror the model used in mainland China for the recent rollout of a digital RMB. “The digital currency is backed by the central bank and the government, and any incidents will be controlled and backed by the government,” said Jack So Yuk-Chow, Chair Professor, Faculty of Business at Macau University of Science and Technology. “The use of electronic payment is already popular in Macau, but this is only a payment system, and the payment organization does not have the ability to issue banknotes. “Digital RMB has been trialed for many years ago and is issued by the central bank and subject to the control of the central bank and the government. Moreover, the digital RMB is real-name based, and there is a certain degree of control over the flow of funds.”
Asked if the implementation of a digital currency could impact the flow of funds into Macau’s casinos, So noted that casino chips have already been “digitized” to a certain extent. “The key is whether the digital MOP will also have a real-name system, which will be more effective in combating money laundering and will have a positive impact on the gaming industry,” he said. “But the biggest impact of the digital MOP is the relationship between the central bank and commercial banks, and whether there will be competition with the banks, including the relationship between currency deposits and interest rates.” |
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Post by Blitz on Sept 24, 2024 7:39:09 GMT -5
e-MOP prototype to be unveiled before the year-end: CE Renato Marques, MDT Tuesday, September 24, 2024 - 12 hours ago No Comments 1,202 Views macaudailytimes.com.mo/e-mop-prototype-to-be-unveiled-before-the-year-end-ce.htmlThe prototype of Macau’s digital currency (e-MOP) will be revealed before year-end, the Chief Executive (CE), Ho Iat Seng, said yesterday morning during the opening ceremony of the 2nd Conference of Central Bank Governors and Financial Officials between China and Portuguese-speaking Countries. In his speech, the CE announced that the e-MOP prototype will be unveiled before the end of this year, presenting basic features that will lay the groundwork for future applications and uses. Ho hinted that the release would occur as part of the celebrations around the 25th anniversary of the Macau handover, which takes place on Dec. 20. “This edition of the conference will be a platform for the exchange of ideas concerning financial cooperation between China and Portuguese-speaking countries, Macau’s role as a Sino-Portuguese Financial Services Platform, and the implementation of central bank digital currencies, a hot topic that attracts great attention from central banks around the world,” the CE said. “Given the global trend of central bank digital currency development, the Monetary Authority of Macao (AMCM), with the support of the People’s Bank of China, is co-operating with the Digital Currency Institute of the People’s Bank of China to develop a research and development (R&D) project to create the Macau Digital Pataca. AMCM also plans to hold a public presentation of the prototype system of the e-MOP later this year, in celebration of the 25th anniversary of Macau’s return to the motherland.” On the same topic, the CE reaffirmed the dependence and reliance on Chinese systems and technologies to introduce the e-currency to Macau, admitting, “We rely on the country’s advanced technological strengths to introduce modern, digital economic developments elements into Macau’s monetary system, to meet the requirements of the long-term development of the Macau SAR.” Briefly after the CE’s speech, AMCM announced further details about the launching of the e-MOP, noting in a press statement that the e-MOP, “is unlike common private cryptocurrencies, in that it is legal tender in digital form.” According to law 10/2023, it has the same legal status as physical banknotes and coins, and equivalent monetary value. AMCM also noted that the e-MOP “has zero credit risk, and is classified as a higher-level security asset.” The authority indicates that during the different R&D phases, it will conduct testing in a controlled environment (referred to as a “sandbox” test environment). This testing aims to ensure the security and stability of Macau’s monetary system, “exploring the application scenarios of the e-MOP and assessing the various types of risks following the principle of prudence.” |
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