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Macau Moves Step Closer to Digital Currency in Threat to Casinos

  • Junkets have expressed concern move could doom industry
  • Casinos are only slowly rebounding from pandemic slump
Ho Iat-seng in 2019. The aim of introducing a virtual currency is to improve effectiveness in reducing money laundering, tax evasion and terrorism financing, according to Ho.

Ho Iat-seng in 2019. The aim of introducing a virtual currency is to improve effectiveness in reducing money laundering, tax evasion and terrorism financing, according to Ho.

Photographer: Justin Chin/Bloomberg
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Macau has moved a step closer to the potential introduction of a digital currency as it seeks to better combat money laundering and tax evasion in the world’s biggest gambling hub.

The government plans to amend laws to regulate the issuance of a virtual legal tender, Chief Executive Ho Iat Seng told lawmakers Tuesday. The government will work with China’s central bank to “study the feasibility of issuing a digital currency,” he said.