Macau May Become Proving Ground for China’s Digital Yuan

 Macau May Become Proving Ground for China’s Digital Yuan

The year 2022 is going to bring about a number of changes to Macau’s gambling industry. One of the most notable could be the inclusion of China’s central bank digital currency (CBDC), the digital yuan.

The new year is going to bring new gambling laws and new concessions to Macau’s casinos. If a report by Reuters is accurate, it could also bring the introduction of China’s state-run cryptocurrency.

The digital yuan has already begun its path toward acceptance in China, with a number of isolated tests introduced. However, if it were rolled out in Macau, it would be the first instance of the currency being used in an ecosystem outside the mainland.

Macau’s gaming regulator stated previously that it wasn’t thrilled about the idea of bringing in the digital yuan. However, at this point, with China exerting more pressure on the SAR, the decision may be out of the regulator’s hands.

While watchdogs have much to win, and카지노사이트 operators have less to lose, 2022 will be the year the new currency comes to casinos,” Reuters journalist Katrina Hamlin states.

China views the digital yuan as a possible solution to illicit money operations and the outflow of hundreds of millions of dollars beyond its borders.

Cause for Concern

Macau’s chief executive, Ho Iat Seng, said earlier this year that some type of interaction with digital currency was likely in the city. He didn’t acknowledge that it would be the digital yuan.

Macau began to work with China’s People’s Bank of China, the country’s central bank, to “study the feasibility of issuing a digital currency.” That began in April of last year. Since then, China has made a lot of progress with its CBDC. Reuters indicates that over $10 billion in goods and services has been purchased in the mainland using the digital yuan.

Bloomberg pointed out last year that, according to insiders working with the CBDC project, the introduction of the digital yuan in Macau would give China greater ability to see money movements in the SAR. This would also see junket operations decline further, which is also on China’s agenda.

China would be able to follow the money trails wherever they go. A state-provided cryptocurrency wallet would be mandatory for use with the CBDC. This creates records of all transactions in a central repository that can be reviewed at any time.

It would also give the government the ability to freeze one – or multiple – wallets with just a few keystrokes.

Digital Currency Not Inherently a Foe

Digital currencies, including bitcoin, stablecoins, and CBDCs, don’t necessarily have to be evil. Just like anything, it’s all in how they’re used.

Digital cash, in one form or another, is going to become more prevalent in all industries, including gambling. Star Entertainment in Australia is taking a closer look at digital currencies to make financial and gambling regulators happy.

Similar results are found in other jurisdictions as well, including the US. Cashless gaming is beginning to take hold. While solutions such as those offered by Sightline and competitors are not specifically digital currency, they show how easy it is to use digital cash to gamble.

Wyoming was the first state in the US to legally approve바카라사이트 cryptocurrency for sports wagers. Resorts World Las Vegas accepts cryptocurrency, as well.

The difference between those and China’s solution, though, is they are truly decentralized. China’s digital yuan is completely centralized. The government having greater control over spending than it does with the paper alternative.

Professional Gambler Neil Channing Critical About Changes to UK’s Gambling Review

The UK is going to update some of its gambling laws this year. The outcome has professional gambler Neil Channing concerned about the future of horse racing in the country.

The review took over a year to complete. But, in the weeks ahead, the gambling review’s results should be released. Industry insiders remain cautious over what may be presented. However, reports suggest that UK legislators could adopt stricter affordability controls as part of their measures to address a rise in problem gambling figures.

Should the new controls be introduced by the UK Gambling Commission (UKGC), Britain’s horseracing sector will be severely affected financially, according to Channing.

He discussed the potential negative consequences of the ongoing government gambling review on the horse racing sector while participating in an episode of Luck On Sunday on Racing TV.

UK Horse Racing Could Take a Step Backwards

On Sunday’s Racing TV channel, the professional gambler expressed concerns about the changes. He worries about the possible negative effects that the review could have on horse racing’s financial health. That includes the overall effect that the government’s gambling review will have on the sector’s near-term and long-term prospects.

Channing claims that the implementation of the affordability checks would wipe out over half of those who gamble on horse races. This would result in a shrinkage of the horse racing industry to the point that there would be no more races available.

He also noted that it was possible that the results from the gambling review may not be added to the laws for more than two years. This is primarily because of the amount of time needed to introduce the changes.

Channing added that any legislative implementation process is lengthy. The proposals have to be put into a specific format before they can be submitted to Parliament for approval.

Gamblers Not a Fan of Betting Limits

Racing TV conducted a survey last year of approximately 2,000 subscribers to the channel. The results showed that 93% of the respondents believe they should be able to set their own betting limits.

A separate Racing TV survey conducted last year found similar results. It showed that 86% of respondents thought tighter affordability checks could lead customers to illegal betting sites. These aren’t licensed and don’t pay taxes to the government.

As a result, the UK will lose an important revenue source. It could also lose the ability to provide responsible gambling solutions and treatment.

A consultation by the UKGC suggested that customers could see a £100 (roughly US$135) limit in monthly online gambling losses. The only way to avoid the limit would be to show that they can afford to lose more.

For most, it would simply be easier to use offshore accounts.