Macau's digital yuan plans deal fresh blow to casino junkets
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Macau wants to use China's future digital currency to help Beijing curb money laundering in the world's top gambling hub. It could be a fatal blow to casino junket operators. They have been on the ropes since Beijing identified the cross-border flow of funds for gambling as a national security risk last June. Mainland China visitors account for more than 70% of Macau's tourist arrivals every year. Casino revenues in Maca are down 60% from 2019.
Macau's Monetary Authority is amending its legal framework to incorporate the digital yuan. It will conduct its own feasibility study. China flagged on Sunday plans to expand digital Yuan experiments to more cities. Macau has facilitated bond sales, trading and settlement services to issuers including Chinese companies and the Chinese finance ministry in the past year.
