Digital game has legs to walk
The Executive Board concluded the discussion of the proposed law entitled Legal framework for the creation and issuance of money. The diploma in force is more than 27 years old and, as such, there is a need to better articulate it with the economic environment and legal framework present in Mainland China and Hong Kong.
One more step in bringing these different jurisdictions together, and this time the good news is the introduction of digital currency in Macau, with the support of the Chinese Central Bank.
In mainland China, 15 provinces and municipalities served as pilot areas for digital yuan transactions. By the end of August, 360 million transactions worth 100 billion renminbi had been carried out, according to the Chinese Central Bank.
It’s time to get on the train and provide yet another pilot zone. But Macau is special and the media turmoil did not take long to appear. At stake, as always, is the impact it will have on the gaming industry. China has some fear of interfering with Macau’s autonomy, but its presence can be detected.
The game’s Titanic crashed into the Beijing iceberg and ice was placed on the border. Macau decided to tidy up the house; gives in to pressure for two decades of usufruct in a gray area that even today jurists say has not changed color.
Many lines written in the new law of the game were in the sense of appeasing the climate.
Announcing the digital currency, the deck is mixed: Monitoring the industry and its stakeholders is the bill Beijing doesn’t mind discussing. Neither does Macau, if the objective is to bet on the mass market.
A reversal of China’s positioning towards the game was never in question.
There were no options.
The head of the Central Bank seemed to be thinking about Macau when last year he suggested that state-owned cryptocurrency would be a good method of fighting crime and money laundering.
*Executive Director of PLATAFORMA