Casinos in Macau Could Become Digital Yuan Laboratories
As Macau casinos compete for additional licenses, Chinese officials may use the power to experiment with the digital yuan. Authorities regard it as a suitable location for further testing the technology’s application. Aside from payment supervision, Chinese authorities are promoting the use of digital payments in casinos as a method of preventing corruption.
Source: @ Shutterstock
China’s regulators are projected to exploit the situation by requiring operators to accept the trial usage of the digital yuan in their casinos. Other options include having government officials monitor daily activities, according to a government consultation paper.
Because Macau is not subject to Chinese money regulations, officials regard it as an excellent location for further testing of the technology. This would also strengthen China’s control over digital payments.
Although they were initially afraid that such scrutiny would scare away large spenders, the re-licensing process has made incumbents like Wynn Macau and Galaxy Entertainment keen to satisfy. Furthermore, despite losing nearly $27,000 on average at each table visit, high rollers no longer dominate the standings, according to Bernstein Furthermore, despite losing nearly $27,000 on average at each table visit, high rollers no longer dominate the standings, according to Bernstein.
Casinos in Macau Could Become Digital Yuan Laboratories
According to Breakingviews, using government figures, the mass market currently accounts for two-thirds of gaming revenue, accounting for about 90% of profitability.
Aside from payment supervision, Chinese authorities are promoting the use of digital payments in casinos as a method of preventing corruption. Alvin Chau, the chairman of the Suncity junket, was detained last month for his suspected involvement in an illegal cross-border gambling and money laundering operation. Suncity made roughly $8 billion in gambling income prior to COVID-19 by arranging bets for affluent MVPs.
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Casinos in Macau Could Become Digital Yuan Laboratories
As Macau casinos compete for additional licenses, Chinese officials may use the power to experiment with the digital yuan. Authorities regard it as a suitable location for further testing the technology’s application. Aside from payment supervision, Chinese authorities are promoting the use of digital payments in casinos as a method of preventing corruption.
Source: @ Shutterstock
China’s regulators are projected to exploit the situation by requiring operators to accept the trial usage of the digital yuan in their casinos. Other options include having government officials monitor daily activities, according to a government consultation paper.
Because Macau is not subject to Chinese money regulations, officials regard it as an excellent location for further testing of the technology. This would also strengthen China’s control over digital payments.
Although they were initially afraid that such scrutiny would scare away large spenders, the re-licensing process has made incumbents like Wynn Macau and Galaxy Entertainment keen to satisfy. Furthermore, despite losing nearly $27,000 on average at each table visit, high rollers no longer dominate the standings, according to Bernstein Furthermore, despite losing nearly $27,000 on average at each table visit, high rollers no longer dominate the standings, according to Bernstein.
Casinos in Macau Could Become Digital Yuan Laboratories
According to Breakingviews, using government figures, the mass market currently accounts for two-thirds of gaming revenue, accounting for about 90% of profitability.
Aside from payment supervision, Chinese authorities are promoting the use of digital payments in casinos as a method of preventing corruption. Alvin Chau, the chairman of the Suncity junket, was detained last month for his suspected involvement in an illegal cross-border gambling and money laundering operation. Suncity made roughly $8 billion in gambling income prior to COVID-19 by arranging bets for affluent MVPs.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
Coincu News
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